Browse Data and Analysis

The Government of Argentina (GOA) approved five new genetically engineered (GE) events in 2023 (two soybean and three corn). Argentina and Brazil continue to be at the forefront of biotechnology and signed the Cooperation Agreement on Biosafety of Modern Biotechnology Products on October 20, 2022.

Due to the severe drought, Post forecasts a slight decrease in dairy output, estimating a decline of just over one percent to 11,441,000 MT in volume by the end of 2023 compared to 2022. Projections for 2024 are complex as several factors could lead to a significant drop in production, particularly during the first half of the year.

Post forecasts fresh deciduous fruit production to rebound to 486,850 MT for apples and 625,400 MT for pears for Marketing Year (MY) 2023/24.

Argentine wheat production in marketing year (MY) 2023/24 is expected to drop to 14.5 million tons, 2 million tons below USDA’s official volume due to a dry environment in a vast area of the country.

Beef production in 2024 is projected at 3.12 million tons carcass weight equivalent (CWE), down marginally from 2023, a year with high slaughter levels because of a severe drought.

For marketing year (MY) 2022/23, Post revises fresh lemon production estimates to 1.65 million metric tons (MMT), down 6.5 percent from the official USDA estimate due to continued adverse weather and poor economic conditions, especially for smaller producers.

Bioethanol consumption in 2023 is forecast at 1.17 billion liters, the highest on record, because of strong gasoline demand and a high blend rate.

Improved weather forecasts are expected to lead to recoveries in grain production in Argentina. However, continued dry conditions are projected to limit planting of wheat and rice.

Post estimates MY 2022/2023 soybean production at 21.25 million metric tons (MMT), 3.75 MMT below the official USDA estimate on lower than expected yields.

Post projects Marketing Year (MY) 2023/24 sugarcane production to drop to 18.9 million metric tons (MMT) due to dry weather and high heat during the southern hemisphere summer.

Post estimates Argentine wheat production to rebound to 19.5 million metric tons (MMT) in marketing year (MY) 2023/24, resulting in wheat exports of 13.7 MMT (including wheat flour as its wheat equivalent).

Post lowers its 2022/2023 estimate for Argentine soybean production to 23.9 million metric tons (MMT). This production estimate is the lowest in 24 year and the yield estimate is the lowest in almost 50 years. As a result of the drought, Post estimates that Argentina will need to import a record 11 MMT of soybeans to achieve a crush of 29.5 MMT.