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Post lowers marketing year (MY) 2023/2024 production to 49.5 million metric tons (MMT), still nearly double last year’s crop, based on a stretch of dry and hot weather in the major production areas despite previous ideal rains following planting.
Argentine beef exports in 2024 are projected up at 920,000 tons carcass weight equivalent, 20,000 tons higher than USDA official.
Improved weather forecasts are expected to lead to recoveries in grain production in Argentina. However, continued dry conditions are projected to limit planting of wheat and rice.
Post estimates MY 2022/2023 soybean production at 21.25 million metric tons (MMT), 3.75 MMT below the official USDA estimate on lower than expected yields.