Post estimates marketing year (MY) 2022/2024 soybean production at 875,000 metric tons (MT), the lowest level in sixteen years due to a historic drought affecting Uruguay and neighboring Argentina. As a result, Post reduces MY 2022/23 exports to 850,000 MT.
Wheat production in marketing year (MY) 2023-2024 is forecast to remain flat at 1.2 million metric tons. Production will remain flat despite a larger harvested area as Post projects a return to trend from high yields in the previous season.
The Uruguayan beef and cattle industry is in very good economic condition. Strong foreign demand and very high export prices are benefiting all parts of the value chain with cow-calf and cattle finishing operations seeing strong, positive returns. 2023 cattle slaughter is projected at 2.56 million head, the third year in a row with high numbers.
In marketing year (MY) 2022/2023 Post forecasts Uruguay to increase its wheat area somewhat, but production and exports would be marginally lower than in the past two marketing years due lower expected yield.
Post forecasts record Uruguayan beef exports at 490,000 tons carcass weight equivalent as a result of abundant beef supplies, strong foreign demand, and export limitations in several important competitors.