USDA FAS lowers Argentina soybean estimate

Projections for Argentina’s soybean crop continue to shrink.

The USDA’s Foreign Ag Services sees Argentina’s crop at 23.9 million tons due to drought, which would be their smallest crop in 24 years with the lowest yield in 50 years.

The FAS says Argentina will have to import 11 million tons of soybeans to meet a reduced crush estimate of 29.5 million tons and that the shortfall could cost Argentina its spot as the world’s leading exporter of soybean meal.

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