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Soybean harvest slows in Argentina but will be record in Brazil

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Article in Clarin (Buenos Aires) says that in 2017 soybean harvest will slow in Argentina but will be record in Brazil: according to estimates, Brazil’s soybean crop will reach a record 105 million tonnes, up from 95.4 million tonnes last year. Brazil is competing with the United States for its position as the world’s largest soybean exporter.

However, in Argentina, reduced area planted and the effect of flooding at the beginning of season will result in a soybean harvest of 54 million tonnes from 55.3 million tonnes last year, according to Oil World. The result comes after a disappointing harvest in 2016, when soybeans were sown under the government of Cristina Kirchner. Another factor mentioned by local analysts is that the soybean, which is charged with a 30% withholding tax, was displaced in several areas by maize, without retentions, whose prices improved and above all because it allows the rotation of the soil.