Buenos Aires Grain Exchange raised its forecast for Argentina's corn production to 50 million mt in 2019-20, up 1 million mt from the previous estimate, and not far behind the record 50.6 million mt harvest during the last season. Argentina, the third largest exporter of corn in the world, is likely to export 33.5 million mt of corn in 2019-20, compared to an estimated 36 million mt in 2018-19, according to the US Department of Agriculture.
Argentina’s soybean harvest for the 2019/20 season is forecast at 53.1 million tonnes, 2.1 million tones over the estimated in October, according to the Buenos Aires Cereals Exchange. Favourable soil moisture levels in main planting areas completed earlier this month are behind the improved prospect. Conditions for oilseed and corn also remain good.
Argentine grain and derivative exports will allow the entry of foreign currency for about $ 25 billion during 2020, says a report from the Rosario Trade Exchange. The improvements in climatic conditions project that the 2019-20 harvest will be the second highest in the country's history. Exports for wheat are expected for $ 2.46 billion, corn $ 5.44 billion, and soybean with its derivatives $ 16.8 billion.