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Bolsa de Rosario cuts 5 million tons of soybeans from the 2021/202 crop in Argentina

Bolsa de Rosario cuts 5 million tons of soybeans from the 2021/202 crop in Argentina

The persistence of very hot and dry weather in Argentina exacerbated losses in soybean and corn crops, prompting the Rosario Stock Exchange to lower its estimates for the 2021/202 oilseed crop to 40 million tons, a cut of five million tons. last drop.

“The 2022 continues without heavy rain. Almost 30 days have passed without significant millimeters of help,” say the specialists of the Argentine Stock Exchange. “Extreme temperatures, low relative humidity, continuous windy days, 10 to 15% relative humidity and radiation with high wattage values ​​are some of the variables that have been adapted to damage crops.”

The images below show soil moisture levels in Argentina on January 13, 2022 (left) and the same date in 2021 (right).

Soil moisture levels in Argentina 2022-2021
Source: Rosario Stock Exchange

And corn field conditions are also worse, according to the foundation, which also reported that despite the increase in the area for grain, lower productivity would nullify this movement and the harvest in Argentina would also be lower than initially expected. .

Regarding soybeans, the Rosário Stock Exchange also states that there are delays in planting and some areas where plant growth is stagnant due to very unfavorable weather. Thus, a significant decrease in the country’s soybean area is still expected, which may move from 16.2 to between 15.4 and 15.6 million hectares. It is one of the smallest areas in Argentina for nearly two decades, which already represents the 16.2 million hectares projected initially.

This Thursday, the Buenos Aires Grain Exchange will also present new information about the Argentine crop and expectations that a deterioration may be recorded, for another week, for soybean crops in the country, as happened last week.

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Specialists also began to calculate the financial losses caused by drought and heat. The expected foreign exchange earnings of US$36 million to be realized with exports of grain and by-products should be left behind, given the losses recorded in this area.

As for the La Nacion portal, some Argentine producers say this is a lost year. “It was a total failure. It’s a lost year,” Entre Rios diamond division producer Francisco Spahn lamented to the local portal. For Diego Sara, who produces in Presidente Roca, Santa Fe, if the forecast rains this weekend is confirmed, “there is hope that some of the soybeans and corn planted at a later time can recover. Earlier, it was already lost ” , He says.

The producer reported a “desperate” situation that could have been more aggressive if this rain did not arrive this weekend. And even if they did, they might be more comfortable than being an effective solution.

This Wednesday (12), the US Department of Agriculture revised the Argentine crop from 49.5 to 46.5 million tons.