In a promising update, Argentina's Secretariat of Bioeconomy announced on Thursday the estimated soybean harvest for 2023/24, pegging it at 49.7 million tons. This marks the first official estimate for grain production from the South American country.
The Argentine government, which incorporates corn used by local producers into its forecasts, projected the 2023/24 cereal harvest at 56 million tons.
As one of the world's top two exporters of soybean oil and meal, and the third-largest corn exporter, Argentina's forecast offers positive implications for global agricultural markets.
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