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334657

USDA attache sees Argentina 2022/23 soybean production at 49 mln T

Oct 11 (Reuters) - Following are selected highlights from a report issued by the U.S. Department of Agriculture's (USDA) Foreign Agricultural Service (FAS) post in Buenos Aires:

"According to the Argentine government, farmers sold a record volume of soybeans, more than 13.7 million metric tons (MMT) in September, after the government offered a special exchange rate for producers. As a result, exporters booked nearly 4 MMT in export declarations, with China as the principal destination. Post raises projected MY (marketing year) 2021/22 soybean exports to 5.5 MMT and reduces projected crush to 37.5 MMT. Soybean ending stocks are lowered to 5.7 MMT, the lowest level since MY 2012/13. MY 2022/23 production is lowered to 49 MMT, due to lower-than-anticipated area switching from corn to soybeans. However, farmers may still make changes if dry weather persists."

To read the full report, click: https://bit.ly/3MsTiiP (Reporting by Julie Ingwersen in Chicago)

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