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Argentina’s corn crop forecast may face fresh cut

BUENOS AIRES: The forecast for Argentina’s current corn crop could face yet another reduction, below the 36 million tonnes seen in a recent estimate, due to lingering impacts from a devastating drought, a key grains exchange said in a weekly report on Thursday.

The South American agricultural powerhouse is the world’s third-largest corn exporter. In the weekly crop report, the Buenos Aires Grains Exchange (BdeC) pointed to lower-than-expected early corn yields in Cordoba, a major farming province, and warned it may again need to clip its estimate for the 2022/2023 harvest.

“If the trend continues, it could affect our projection,” the report stated. At the start of the harvesting season, the exchange estimated a total corn yield of 50 million tonnes.

Last week, BdeC signaled that it may also need to downwardly revise its soybean crop forecast for 2022/2023, currently at 22.5 million tonnes. Argentina is also a top global exporter of processed soybeans.

To date, the country’s corn harvest is nearly 20% complete compared to about 36% of the soybean crop, according to BdeC data. Beginning last year and extending into the first months of this year, the historic drought hit the most-productive farming areas hard. Government officials have described the dry conditions from last May through early March as the worst on record.

Argentina’s corn crop forecast may face fresh cut

Source: Brecorder

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