BUENOS AIRES (Reuters) – Argentina’s soybean production for the 2022/2023 crop is now estimated at 25 million tonnes, the Buenos Aires grain exchange said on Thursday, down from the previously estimated 29 million tonnes.
The new estimate is the lowest number for the crop in nearly a quarter of a century, the exchange said, as a prolonged drought dating back to May 2022 in some areas has devastated the agricultural sector.
Argentina is the world’s largest exporter of processed soybean oil and meal.
The grain exchange also lowered its estimate for the 2022/23 corn crop, to 36 million tonnes, from the previously estimated 37.5 million tonnes. Thursday’s projection indicates the worst grain harvest in seven years.
(Reporting by Maximilian Heath)
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