Argentina's Soybean Harvest Forecast at 53.1 MLN Tonnes
USAgNet - 01/31/2020
Argentina's soybean harvest for the 2019/20 season is forecast at 53.1 million tonnes, the Buenos Aires grains exchange said on Thursday, an improvement from a prediction it made towards the end of last year.
The forecast is above the 51 million tonnes estimated in October, but below the previous season's harvest of 55.1 million tonnes, reports Reuters. Argentina is a major soy exporter and the world's top seller of the processed beans as soy oil and meal.
Favorable soil moisture levels in main planting areas was behind the increased forecast, the exchange said in a report. Argentina's soybean planting for the season was completed earlier this month.
Farmers last week finished planting 17.4 million hectares dedicated to the oilseed.