Early frosts in Argentina’s farming belt could cause further losses to soybeans and corn for the 2021/22 season, the Buenos Aires grains exchange said on Thursday, a potential blow to production already hit hard by drought earlier this year.

Argentina is the world’s leading exporter of soybean oil and meal, and the No. 2 exporter corn. However, due to a drought between December and January, the exchange cut its soybean harvest forecast by 2 million tonnes and by 7 million tonnes for corn.

It currently estimates soybean production at 42 million tonnes and corn at 49 million tonnes, with both harvests getting under way.

“Frost seen in the previous 10 days could generate additional losses than expected,” the exchange said in its weekly weather report in reference to soy, adding the southeast of Buenos Aires province had been the most affected region.

It added that the soy harvest was around 19% complete.

Regarding corn, the exchange said that frosts as the South American country shifts from summer to autumn were affecting yields of late-planted corn, which is still in the development stages. The corn harvest is around 14.4% complete.

The exchange last week cut its forecast for corn by 2 million tonnes due to dry weather, coming after an even larger cut earlier in the year.

It added that the sunflower harvest was 88.5% complete, with an estimated production of 3.3 million tonne, amid a global supply crunch due to the Russian invasion of Ukraine, both major sunflower producers.

Source - https://www.agriculture.com