03.03.2021 (brownfieldagnews.com) - The USDA’s Foreign Ag Service has lowered their outlook for Argentina’s soybean crop.

The FAS has production at 47.5 million tons, a half a million less than the official February guess, as dry weather for much of January and February in some key growing areas canceled out improved rainfall in other parts of Argentina.

The FAS did raise Argentina’s old crop soybean crush estimate by a half a million tons to 37.6 million tons, 750,000 more than the official USDA figure, as now-resolved labor disruptions late last year and early this year allowed processors to increase supplies, even as those disruptions limited movement and exports.

The new crop crush is seen at 41 million tons, 2 million larger than the current official projection.

Argentina is the world’s leading exporter of soybean meal and soybean oil and any loss in business would likely be filled at least in part by the U.S.

The USDA’s next set of supply, demand, and production numbers is out March 9^th.

https://brownfieldagnews.com/news/usda-fas-lowers-argentina-soybean-outlook/