US government cuts Argentine soybean and corn harvest views

The soybean harvest in Argentina will be nearly 20% smaller than previously forecast as hot and dry conditions wilted crops there throughout the growing season, the U.S. government said on Wednesday. The reduced production from that key global supplier will boost export demand for U.S. soybeans, cutting into already thin domestic stockpiles. Argentina’s soybean harvest was pegged at 33.00 million tonnes, according to the U.S. Agriculture Department’s monthly World Agricultural Supply and Demand Estimates report. That was down from the February forecast for 41.00 million tonnes. Analysts had been expecting the report to show an Argentine soybean harvest of 36.65 million tonnes, according to the average of estimates given in a Reuters poll. The forecast for the country’s corn crop was cut to 40.00 million tonnes from 47.00 million tonnes. “USDA got aggressive taking the Argentine corn and soybean production down, much larger than what the trade was looking for on average,” said ...