Argentina: Oilseeds and Products Update

Post maintains the previous forecast for marketing year (MY) 2024/25 for Argentina's soybean production at 52 million metric tons (MMT), consistent with the USDA's official estimate. This is driven by soy acreage gaining ground to corn and consistent favorable weather conditions with sufficient rainfall in the last several months. Post forecasts MY2024/25 soybean area planted at 17.8 million hectares (MHA) However, potential La Niña-induced dryness could still impact yields throughout the growing season. Despite these challenges, Argentina is set for a record high soybean crush, forecast at 42 MMT, driven by robust exports and a steady crush rate. Meanwhile, sunflower seed production is forecast at 4 MMT, with strong processing and export activity expected, bolstered by competitive international prices. Sunflower oil exports are anticipated to reach 900,000 metric tons, marking an increase from the previous year.