LatinNews Daily - 12 January 2023

*The Buenos Aires grain exchange has said it could cut its forecast for Argentina’s 2022-2023 soybean and maize production by around 25% if a prolonged drought continues to impact the country’s agricultural regions. In a report documenting the impact of the drought, the exchange forecasts a worst-case scenario of 35.5m tonnes (t) of soybean and 37.8m t for maize if severe drought continues. It also provides a forecast of 41m t for soybean and 44.5m t of maize in case of more moderate weather. The worst-case scenario forecast represents a 26% drop from the 48m t of soybean forecast in September and down 24% on the 50m t of corn previously forecast. The grain exchange states that the climatic situation will lead to a fall in gross agro-industrial product of US$11.03m (21%) as compared to the previous harvest under the more moderate scenario, with a drop of US$15.74m (30%) in the worst-case scenario. 

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