Argentina Soybean Crisis Leaves Processing Plants Idle as Drought Decimates Crop and Exports
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Argentina's soybean processing plants are running out of soybeans after drought cut crop in half, leaving over 2/3 of factory capacity idle.
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For years Argentina was top exporter of processed soy oil and meal, but crown slipped this year due to ravaged crop and exports of beans for dollars.
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Idle crushing plant capacity could grow significantly with only 3 million tons of soybeans left to last until next harvest in April 2024.
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Drought cut last season's wheat harvest in half to 11.5 million tons; better 15 million tons expected for current season.
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No new officially declared wheat sales expected in months ahead as agreed shipments from previous campaign finally fulfilled.