Due to the heat wave in early February and the drop in international prices, total foreign currency earnings did not increase compared to the previous year, which was hit by a severe drought. This is what the consultant estimated Pablo Andreani in his latest report.
According to the consultant’s estimate, 11 million tons of corn and 10 million tons of soybeans were lost due to the heat wave that hit the entire country.
“It will be very difficult to have the third record harvest in historyand today we are very far from the 137 million tonnes expected at the beginning of the campaign, and we are increasingly closer to the threshold well below 120 million tonnes,” he said.
To this he added that the fundamental issue is that it cannot be guaranteed that there will not be further losses in production. “Firstly, because the rains have not been abundant in volume and coverage, and also 10 days are forecast with very little or no rain forecast in many areas of the country. In the same way that the rains in March are expected and April to be below normal,” he noted.
On the other hand, he warned of falling international prices. He stressed that the downward trend that began in mid-November has no brakes. “The drop in soybeans in Chicago from November 15th to today has accumulated a decline of $85, while corn has lost $27 since the beginning of December,” he indicated.
So, for Adreani, they will enter the country in 2024 to export the 5 main crops (soya, corn, sunflower, wheat and sorghum)) the same amount of dollars as in 2023: $22.6 billion.
Source: Clarin
