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USDA FAS lowers Argentina soybean estimate
Projections for Argentina’s soybean crop continue to shrink.
The USDA’s Foreign Ag Services sees Argentina’s crop at 23.9 million tons due to drought, which would be their smallest crop in 24 years with the lowest yield in 50 years.
The FAS says Argentina will have to import 11 million tons of soybeans to meet a reduced crush estimate of 29.5 million tons and that the shortfall could cost Argentina its spot as the world’s leading exporter of soybean meal.
Production could recover next year because of expectations for an increase in acreage, but weather will have to cooperate.
The USDA’s most recent supply, demand, and production report put Argentina’s crop at 27 million tons, with imports of 8.3 million tons and crush of 32 million tons.
The USDA’s next round of global production estimates is out May 12th.
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