BUENOS AIRES, ARGENTINA —Soybean production in Argentina in the 2022-23 marketing year is forecast to rise 15% to 48 million tonnes, according to a report from the Buenos Aires Grain Exchange.
In the first estimate of the new season, the Exchange predicted output would rebound due to larger planted area and an improved long-term weather outlook.
Argentina, the world’s largest soy oil exporter and among the largest exporters of soybeans, harvested an estimated 43.3 million tonnes of soybeans in 2021-22.
The increased soybean production will come at the expense of corn, according to the Exchange, which projects a 2-million-tonne drop in corn output to 50 million. An even steeper decline is forecast for wheat, where a 22% decrease in production is forecast, down to 17.5 million tonnes.
Argentina is suffering from one of its worst droughts in two decades, mainly due to three consecutive years of La Niña.