Argentina Soybean Production in 2021/22 Forecast At 46.5 Million Tons

Although the initial weather conditions were good, soybean crops in most of Argentina's main producing areas have been affected by hot and dry weather since mid-December, according to the Counselor's Report issued by the USDA's Overseas Agricultural Service. The counselor said the soybean crop desperately needs rain to prevent a further decline in yield potential.

Counselor lowered his 2021/22 soybean production forecast for Argentina to 46.5 million tonnes, 3 million tonnes below the USDA's official forecast.

Due to more severe drought conditions in Paraguay, Argentine soybean imports could be lower than the current forecast of 4.5 million tons and 300,000 tons lower than the official USDA forecast.

The counselor maintained the forecast data for Argentina's sunflower seed and peanut production in 2021/22, at 3.4 million tons and 1.3 million tons, respectively.