Commodities
Satellites Suggest Argentine Soy Crop Will Be Lowest Since 2018
- Vancouver firm bases bold prediction on satellite imagery
- If La Nina gives way to rains, soybean output could be saved
A machine harvests soybeans on a farm in Ines Indart, Argentina.
Photographer: Diego Giudice/Bloomberg
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With many crop traders focusing on Argentina’s drought, one forecaster has tapped satellite imagery to make the bold prediction that nation’s upcoming soybean harvest may plunge to a five-year low.
Mickael Attia, a crop analyst with EarthDaily Analytics, sees the soy harvest in the second quarter shrinking to 36.9 million metric tons. That’s well below the Buenos Aires Grain Exchange’s estimate of 48 million tons, and would be at a level not seen by the bourse since 2018. Argentina is the biggest exporter of soy meal and soy oil.