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USDA FAS cuts Argentina soybean estimate

The USDA’s Foreign Ag Service has lowered their outlook for Argentina’s soybean crop. That is due to hot, dry weather during some key periods of development stunting growth, slashing yields, and depleting soil moisture.

The FAS has the crop at 41 million tons, 4 million less than the last official estimate and 3.5 million below a year ago.

Argentina is the world’s biggest exporter of soybean products and that smaller crop, slow farmer selling, and reduced imports from Paraguay are expected to limit domestic soybean crush activity to 39.4 million tons, compared to 41.2 million in 2020/21.

The USDA’s updated outlook for soybean production in Argentina is out next Wednesday.