Buenos Aires Grain Exchange reduces Argentine soybean production estimates

In Argentina, Bichos de Campo reported that the Buenos Aires Grain Exchange has begun to cut their forecast for the 2024/25 Argentine soybean harvest due to the damage caused by the drought.

The new estimate indicates that 49.6 million tons of soybean will be harvested so far this year, a figure one million less than projected a week ago.

Soybean planting in Argentina is in the final stretch with 99.2% of the planned 18.4 million hectares already planted. 28% of the area nationwide is in poor to average condition compared to 21% a week ago, according to the report.

“The continued lack of humidity and high temperatures, mainly in the south of the core Pampas area and in the central-eastern part of Entre Ríos, have impacted the estimated potential yield of early-season soybeans,” the report stated.

More on the story.