Argentina may have a record 10 million tons this year Soybeans introduce. About 40-50% (4-5 million tons) of this amount is expected to be imported into the region from Brazil. AgriCensus reports this, citing the forecast of industry experts.
According to estimates by the United States Department of Agriculture (USDA), Argentina has only bought more than 20 million tons of soybeans once in the last 5+ years: in crop year 2018/19, the country received 6,4 million tons of beans - that's also 1,5 million tons above the average of the last five years (4,9 million tons).
Experts point out that such an increase in imports is due to a sharp decline in the gross harvest of the oilseed in the region due to the drought. According to the Buenos Aires Grain Exchange, production this season has fallen more than 1,5 times to 21 million tons. Yields fell 45 percent to 15,4 hundredweight/hectare, a 10-year low.
"The drought will result in a total loss of about $20 billion, which is almost three percent of Argentina's gross domestic product," estimates the country's authorities.
Recall that from January to May Argentina has already become the second largest importer of soybeans from Brazil, buying 1,92 million tons of oilseeds.
Source: Ukragroconsult (Ukraine)