USDA to reduce soybean and corn crop estimates in the USA

Argentina and Brazil, the world's top two soybean producers, are experiencing significant challenges in their agricultural sectors due to heavy rains and flooding caused by La Niña. The excessive rainfall has led to widespread crop damage, transportation issues, and disease outbreaks, particularly in soybeans and wheat. As a result, both countries face potential crop yield decreases and increased production costs. Argentina's wheat crop is expected to drop by 20%, and soybean planting may be delayed by up to a month. Brazil's soybean production is also under threat, with some areas experiencing over 100 millimeters of rainfall per day. These weather conditions are expected to persist, exacerbating the already challenging conditions for farmers in the region.