Buenos Aires: According to the most recent assessment made by market analysts, Argentina lost half of its seasonal Soybean crop owing to drought in its primary producing area, the wealthy and typically humid middle of the country. Argentina is worried that this year's harvest, especially of Soybeans, would be severely decreased, which would hurt the country's international exports and domestic supply. Argentina, one of the top producers of Soybean and flour globally, has faced a drought for three years in a row, hampered the product's prices.

The harvest of Soybean is affected as approximately 54.2% of the country was dry, with 14.3% of that area experiencing severe drought and 9.2% experiencing extreme or exceptional drought, according to dryness temperature. The hardest hit areas are in the center parts of Cordoba, Buenos Aires, and Santa Fe. In the fertile central plains of the nation, authorities had anticipated a harvest of 19.8 million tonnes of Soybeans, but as of right now, just 10.8 million tonnes are anticipated, and that number is decreasing every week.

Although it was anticipated that the drought would make this season challenging, what has happened has exceeded the producers' wildest fears. In addition, the value of grain exports, including Soybean, which was $43.2 billion in 2021-2022, should decline by 21.2% in the best case and by 33.1% in the worst case. In addition, the drought has caused the deaths of at least 3,000 head of cattle. The 14.8 million tonnes of wheat that were just harvested were also fewer than what would have been a good yield, but it was not the catastrophe they had anticipated.

As per the ChemAnalyst database, the Soybean prices are likely to increase as originally estimated to yield 48.2 million tonnes. Argentina's overall Soybean crop is now anticipated to produce between 36 and 41.3 million tonnes this season. In addition, due to their concerns about destroyed harvests, some farmers may not harvest anything this year.