Argentina’s corn 2021/22 crop has now been estimated at less than the 48 million tons of just a few weeks ago, according to the Rosario grains exchange, because a severe drought has slashed yields. Likewise with soybeans first estimate of 40,5 million tons.
The Rosario exchange — which is headquartered in one of the world’s largest grain export hubs — cut its forecast for the corn crop in the country’s important core farming region by 1.5 million tons to 12.8 million tons.
It had previously expected Argentina’s main agricultural zone to harvest 19.2 million tons of corn this season. The exchange also said that further reviews are not yet ruled out.
“The harvest is confirming just how violent the unusual weather impact has been. This week’s estimate shows that 33% of the initially expected output was lost,” the Rosario grains exchange said.
Corn yields are expected to reach their lowest level in 10 years due to the lack of rain and a spell of high temperatures during late December and early January, it added.
Argentina’s soybean output, which was also hit by drought, was estimated at 40.5 million tons this season, but new estimates are expected. The previous 2020/21 crop was 45 million tons.
Argentina is the world’s largest exporter of soy-meal and soy-oil, and the second largest corn exporter.
However the winter crop of wheat reached a record 22,1 million tons compared to the 17 million of the previous harvest.