USDA again cuts Argentina's soybean and corn outlook

Published 2023년 3월 8일

Tridge summary

The USDA has lowered its production estimates for Argentina's soybeans and corn for the third consecutive month due to severe drought conditions, aligning with Gro's predictions. The agency has reduced its corn production estimate by 15% and soybean production by 20% since December, making it necessary to closely monitor the country's growing conditions. Argentina's weak soybean production has also impacted global soybean ending stocks, while Brazil's expected bumper soybean crop is helping to offset. The USDA has also reduced its estimates for US soybean ending stocks to a seven-year low, while US corn exports have been sluggish for months.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Gro-intelligence