USDA again cuts Argentina's soybean and corn outlook

Months of severe drought conditions across Argentina’s soybean and corn growing areas forced the USDA to slash its production estimates for a third consecutive month and closely align with what Gro has been predicting since the start of the growing season in December. In its March WASDE report, the USDA cut its production estimates for Argentina soybeans by 20% from the agency’s February projections and its corn output figures by 15%. Since December, the USDA has slashed Argentina’s production outlook by 27% for corn and by 33% for soybeans. Gro’s Argentina Yield Forecast Models have for months signaled corn and soybean production would be sharply lower than USDA estimates. Argentina is the world's largest soybean meal exporter and second-largest corn exporting country. Gro’s vegetative health index for Argentina’s soybean crop is the lowest for this century, while the Gro Drought Index is close to a two-decade high, as shown in this display from Gro’s Climate Risk Navigator for ...