Drought, frosts may cause over $20 billion in agricultural losses

Argentina’s consortium of agricultural companies, CREA, said that the country could lose over $20 billion this year due to agricultural losses caused by a historic drought and mid-summer frosts that hit most of its productive regions, ThePrint reported citing Reuters. CREA has now slashed its forecasts for corn harvest from 55.2 million tons estimated six months ago to 38.6 million tons for the 2022-23 season, while it is expecting a soybean harvest of 31.2 million tons, down from an initial forecast of 50 million tons.