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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.
The United States is the world’s largest producer of beef but it also imports more beef than any other country.
Post forecasts lower soybean production on decreased area and a return to historical yield levels for 2016/17.
A new government took office in December implementing rapidly policy changes to support the local agricultural sector.