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Argentina harvest value seen at $49.6 bln on high global prices -JP Morgan

BUENOS AIRES, Nov 10 (Reuters) - Argentina 2022/23 combined soy, corn and wheat harvest will have an estimated value of $49.6 billion, investment bank J.P. Morgan Chase & Co said in a note on Thursday, only slightly below a season earlier as high global prices offset the impact of a recent drought.

The South American country, the world's top exporter of processed soy, the No. 3 for corn and a major wheat supplier, has been hit by drought this year that has particularly hurt the wheat crop.

The investment bank said, however, that weather conditions were expected to improve as a La Nina climate pattern faded into 2023, which would help the crucial soy crop, where planting is beginning, and corn.

Elevated global prices, pushed up by Russia's invasion of Ukraine, were also helping Argentina, which needs grains export dollars to build up depleted reserves.

"Crop prices (are) still Argentina's best friend," the bank said, adding its forecast "assumes international prices remain supportive and that the soy harvest is not impacted by adverse weather conditions."

J.P. Morgan said that Argentina's 2023 exports of the three grains should value around $41 billion.

This "would be key to help the current administration to muddle through until the October presidential elections," it added, referring to general elections next year. (Reporting by Adam Jourdan and Rodrigo Campos; Editing by David Gregorio)

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