MercoPress. South Atlantic News Agency

Argentina expects a record harvest of 140 million tons of grain and oilseeds

The government estimates the 2018/19 harvest will bring in 54.2m tons of soybean, a 44% increase on last season's 37.78 million tons; and 49.68 million tons of corn

Argentina is expected to harvest some 140 million tons of grain in the 2018/2019 season, the largest crop in the country's history, according to Argentina's Agriculture Secretariat.

 The result would represent a 25% increase on last year's harvest of 112 million ton, government officials said, addressing the recent 3rd Conference on Agricultural Perspectives at the Buenos Aires Grain Exchange.

The event addressed the situation facing Argentine and international markets, as well as productive and climatic conditions.

“Despite the fierce drought, Argentine farmers have again put their bets on the country demonstrating its strong commitment to agriculture, which is the engine of our economy”, Agriculture Secretary Luis Etchevehere said, speaking from China where he is conducting a trade mission.

“To continue moving forward we need a new Seed Law, which is in line with all products. Together with environmental issues and sustainable development we will be able to generate more added value that will ultimately generate genuine wealth”, Santiago del Solar, the Secretariat's Cabinet Chief, said at the opening of the event.

For his part, undersecretary of Agricultural Markets, Jesus Silveyra, stressed the need to “to demonstrate the enormous opportunities that we have. Argentina has the potential to harvest an additional 60 million hectares, in addition to very important resources such as water, climate, soil”.

The government estimates the 2018/19 harvest will bring in 54.2 million tons of soybean, representing a 44% increase on last season's 37.78 million tons; and 49.68 million tons of corn.

For wheat, a new record harvest of 20.14 million tons is expected, with an intention to sow of 6.2 million hectares in 2019. The forecast for barley production is for 4.48 million tons, while sunflower production will hit 3.7 million tons and sorghum 3.74 million.

This year the failure of summer crops because of the drought contributed to worsen the vulnerable financial situation of Argentina which was forced to appeal for support from the IMF.