The USDA’s Foreign Ag Service has slashed its outlook for Argentina’s soybean crop due to hot, dry weather late last year, while projecting a big grain crop in Brazil.
The FAS now has Argentina’s soybean crop at 36 million tons, 9.5 million less than the most recent official USDA projection. That could lead to increased demand for U.S. soybeans and soybean products as Argentina is the world’s leading exporter of soybean meal and oil.
