After several droughts have affected the world’s largest exporter of soybean meal and the third largest exporter of corn, the government of Argentina plans to invest $7 billion into doubling the area of irrigated farmland in the country to 4.3 million hectares by 2030. The plan would increase productivity of 2.2 million hectares that currently have no irrigation by 50%. Of the total $7 billion investment, $3.6 billion will go to the country’s central agricultural region, and the northern provinces, which usually are more affected by water shortages but account for a smaller percentage of agricultural production will receive $3.2 billion. The country’s Rosario Board of Trade which operates the leading grain market in the country estimates that Argentina’s soybean crop will reach a record 54.7 million tons and the cereals crop will reach 22.7 million tons.
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