Sunday, 26 May 2019

Argentina's soy production will reach 56 million tons

Argentina's soy production will likely reach 56 million tons for the 2018/2019 season , two million tons more than previously estimated .

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It seems that the weather is playing in favor of the harvest,” the Rosario exchange said in a statement. “Last month's rains were only concentrated in the first half of the month.”

Under this scenario , they keep their forecast of 56 million ton harvest unchanged . But they dont discount the possibility of increasing their estimate , depending on yields collected over the weeks ahead .

A bumper harvest could help bolster Argentina's embattled President Mauricio Macri, who is trying to revive growth in the recession-hit nation and defend the country's peso currency ahead of national elections later this year.

Argentina, one of the world's biggest grain exporters, has being buoyed by early season rains followed by drier weather, bolstering yields of the country's main cash crop soy as well as other grains such as corn and wheat.

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