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For marketing year (MY) 2022/23 Post projects continued expansion of soybean planted acreage to 1.225 million hectares (HA) and production of 2.8 million metric tons (MMT).
In marketing year (MY) 2022/2023 Post forecasts Uruguay to increase its wheat area somewhat, but production and exports would be marginally lower than in the past two marketing years due lower expected yield.
A number of factors have converged over the last 18 months to send global agricultural commodity prices to near-record levels. Russia’s invasion of Ukraine – and the potential loss of Ukrainian exports – was the latest development to push commodity prices higher.