Argentina struggles amid historic drought, lowest crop output since the turn of the century

Luke 21:25 “And there will be signs in sun and moon and stars, and on the earth distress of nations in perplexity because of the roaring of the sea and the waves

Important Takeaways:

  • Argentina’s ‘unprecedented’ drought pummels farmers and economy
  • A historic drought ravaging Argentina’s crops is deepening the grain exporting giant’s economic crisis, crushing farmers across the Pampas, heightening default fears and putting at risk targets agreed with the International Monetary Fund (IMF).
  • The South American nation, the world’s top exporter of processed soy and No. 3 for corn, is in the grip of it worst drought in over 60 years, which has led to repeated sharp cuts to soybean and corn harvest forecasts.
  • Those were cut again on Thursday by the Buenos Aires grains exchange after the Rosario exchange slashed its soy production outlook to 27 million tonnes, the lowest since the turn of the century, when far less of the crop was planted.
  • …farmers were facing losses of $14 billion and 50 million tonnes less of grain output across soy, corn and wheat.
  • “It’s unprecedented that the three crops fail. We are all waiting for it to rain,” he added.

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