The outlook for Argentina’s crop production continues to worsen.
Analyst Matt Bennett with AgMarket.Net says USDA revised soybean projections from 41 million tons to 33 million in Wednesday’s supply and demand report.
“Which is just a huge difference. I mean their initial thought process earlier in the year was 51 million tons, so you’re already down 20 million tons from what the original guess was.”
He tells Brownfield the initial forecast for Argentine corn was 55 million tons, but USDA is now forecasting 40 million.