Argentina's grain harvest suffers under worst drought in 60 years
9 Mar 2023
A historic drought ravaging Argentina’s crops has deepened the grain-exporting giant’s economic crisis, heightening default fears and putting at risk targets agreed on with the International Monetary Fund (IMF).
The South American nation, the world’s top exporter of processed soy and number-three source of corn, is in the grip of its worst drought in more than 60 years, which has led to repeated sharp cuts to harvest forecasts.
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“We are facing an unprecedented climatic event,” Julio Calzada, the head of economic research for the Rosario exchange, told Reuters.
He added that farmers, particularly in the fertile Pampas region, were facing losses of $14bn, with their output expected to be about 50 million tonnes less for crops of soy, corn and wheat. “It’s unprecedented that the three crops fail. We are all waiting for it to rain,” he added.
More:
https://www.aljazeera.com/news/2023/3/9/argentinas-grain-harvest-suffers-under-worst-drought-in-60-years
