A market analyst says South American soybeans were the spotlight of the April World Agriculture Supply and Demand Report.
Mac Marshall with the United Soybean Board tells Brownfield USDA cut their estimate for Argentina’s soybean production by another 6 million metric tons on Tuesday.
“But that is counterweighted by a 1-million-ton increase in Brazilian production. That crop has loomed large this season and now USDA has taken it up from 153 million to 154 million metric tons.”
He says while that was the big mover on the April balance sheet, it was generally expected by the trade.