Source: Oleoscope (Russia)
Argentina’s 2024/25 season is expected to produce a soybean crop that could be at multi-year highs, according to the latest USDA Foreign Agricultural Service (FAS) report cited by World Grain.
According to FAS, nearly 90% of the country’s acreage under the crop is planted, with 93% of the crop in good to excellent condition.
“However, potential drought caused by La Niña could still affect yields throughout the growing season,” FAS cautioned. Soybean production is estimated at 52 million tons, which would be the highest in six years. This is due to increased acreage under beans compared to corn, as well as sustained favorable weather conditions with adequate rainfall over the past few months. The agency increased its soybean acreage forecast to 17.8 million hectares in 2024/25, up 900,000 hectares from the original data.
FAS also significantly revised upward its soybean export forecast, increasing it from 5 million tons to 7.2 million tons, which would be the highest since 2019/20.
In the 2023/24 season, Argentina, it will be recalled, was the third largest soybean producer in the world and the fourth largest exporter of soybean meal.