Argentina: Oilseeds and Products Annual

Post lowers its 2022/2023 estimate for Argentine soybean production to 23.9 million metric tons (MMT). This production estimate is the lowest in 24 year and the yield estimate is the lowest in almost 50 years. As a result of the drought, Post estimates that Argentina will need to import a record 11 MMT of soybeans to achieve a crush of 29.5 MMT. This reduced crush would lead Argentina to export only 18.75 MMT of soybean meal, potentially losing its position as the world's largest exporter of soybean meal. Soybean oil exports are estimated at 3.65 MMT. Sunflowerseed production is estimated unchanged at 4 MMT and peanut production is lowered to 970,000 MT due to the effects of drought. For MY 2023/2024 Post projects a recovery in soybean and peanut production at 50.5 MMT and 1.32 MMT respectively on higher planted acreage and a return to normal weather conditions. Sunflowerseed production is projected down 3.8 MMT on lower planted area.