Argentina is expected to harvest 53 million tonnes of soyabean, its largest cash crop, in the 2017/18 season, the agriculture ministry said in a statement on Friday. Government estimates put wheat production for 2017/18 at 18 million tonnes, and corn production at 51 million tonnes.
Soya planting has contracted in Argentina, the world's third-largest soyabean exporter, since President Mauricio Macri lifted export restrictions on wheat and corn soon after taking office in late 2015. The policy shift lead to an increase in crop rotation after years of over-planting soya. But the shrinkage in soya planting area is expected to stop in 2018/19, as the government plans to reduce the 30 percent tax imposed on the export of raw soyabeans.
Starting in January, the administration of President Mauricio Macri has promised it will start cutting the tax by a half percentage point every month for two years. Argentina started planting its 2017/18 crop in October, with harvesting expected between March and June.
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