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Argentina's 2022/23 soybean production is estimated at a 14-year low, with consultancy Safras & Mercado cutting its estimate to about 24.8 million tonnes. Farmers are expected to expand soybean acreage by 700,000 hectares to 16.7 million.
Production is projected to recover to 50.5 million tonnes in 2023/24 if weather normalizes.
A sharply smaller Argentine crop reduces export supply and supports soybean complex prices in the short term. Expected recovery in 2023/24 limits the longer-term upside.
agflow.comAgFlowJun 21, 2023After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
