Post projects marketing year (MY) 2023/2024 soybean production at 10 million metric tons (MMT) as planted area rises to 3.55 million hectares and Paraguay returns to trend for yield. MY 2023/2024 exports are projected at 6.4 MMT. MY 2022/2023 production recovered from the prior year’s drought to reach Post’s estimate of 8.8 MMT, which is 1.2 MMT below the official USDA Estimate. As a result of the historic drought in Argentina, traders and processors with operations in both countries will opt to send more soybeans to be crushed in Argentina rather than be crushed domestically in Paraguay. Post estimates 2022/2023 crush at 2.9 MMT and exports at 5.7 MMT.