The cycle ended with 700,000 tons below the initial scenario of 44 million tons, which marks a final harvest of 43.3 million tons. “The lack of surface moisture during the month of December prevented the planting plans from being carried out, with a cut of 200,000 hectares. High temperatures together with below-average rains over the center of the agricultural area affected the first crops. Finally, early frosts to the west and south of the implanted area generated losses in second-class soybean squares while they were in the middle of a critical period,” they explained from the Buenos Aires Cereal Exchange.
Thus, the soybean chain will contribute US$23,972 million to the Argentine economy in 2022 in added value, 17.1% above last year’s value. The increase is explained by the rise in crop prices, which exceed the maximums of the last five campaigns. Additionally, it will generate exports for US$25,443 million (showing an increase of 10% compared to the previous year) and will contribute US$10,489 million in tax revenue (14.4% more than last season).
As for corn, its growth was truly meteoric because not only is more yellow grain than soybean planted, but its Gross Product has increased by 145% in recent years, until reaching a projected record for the harvest that is ending of US$20,397 million, some US$2,500 million above the 2020/21 cycle, which had already been the best in history in terms of value generation. The cereal will thus explain 3.6% of the Argentine GDP.
These two chains are thus consolidated not only as the main contributors of genuine foreign currency for Argentina, but also as the guaranteed key so that in the coming months there will be a constant income of dollars. The projections of the Rosario Stock Exchange anticipate that Until the tenth month of the year no less than US$3.4 billion will be settled monthly. Something really key so that the BCRA can accumulate foreign currency after the heavy payments for energy imports that it is facing.
The eye is also on the development of the dollar and more particularly on the gap with parallel exchange rates. It is that the rise of the financiers and the blue during the last days could discourage the sale of the producers. Meanwhile, in the Government they insist that a devaluation is not in the offing and that is why they promote soft loans for those producers who liquidate the bulk of their soybean harvest.
Source: Ambito
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