Since 2019 large parts of Argentina and neighboring countries have been reeling under drought conditions with the last four months of 2022 receiving less than half of the average precipitation: the lowest rainfall in 35 years.
Combined with high temperatures, this has led to widespread crop failures. Argentina is one of the world’s top wheat exporters but agricultural exports for 2023 are projected to further drop 28% compared to 2022 levels. Uruguay declared an agricultural emergency in October 2022, with 60% of the country’s territory experiencing “extreme” or “severe” drought.