Argentina: Oilseeds and Products Update

Post lowers marketing year (MY) 2022/2023 soy production at 20.5 million metric tons (MMT) still below the USDA official on lower than expected harvest area and yields due to drought. Post lowers MY2022/2023 crush to 26 MMT due to decreased exports and the lowest crush operation rates decades during recent months. Post maintains MY2023/2024 at 50.5 MMT, still above USDA official on recent favorable rains at ideal times during planting. The newly sworn in president has already implemented stark economic reforms just weeks after coming into office which will have major implications for the oilseeds sector. These include devaluation of the currency by 50 percent and raising soy export taxes to 33 percent.