The Buenos Aires Cereal Exchange in Argentina said in a weekly crop report on Thursday that the country's 2017/18 soybean production is expected to be 47 million tons, down from the previous forecast of 50 million tons, affected by the drought.
The four-month hot and dry weather in the Pampas grain belt also prompted the exchange to cut corn production estimates from the previous estimate of 39 million tons to 37 million tons.
Buenos Aires February 21 news: On Wednesday, Argentina's soybean spot market price rose. The weather in the main soybean producing areas is expected to continue to dry, and the analysis institutions have lowered the forecast of soybean production, which boosted the soybean price.
According to the US Department of Agriculture's supply and demand report on February 8, 2018, Brazil's soybean production in 2017/18 is expected to be 112 million tons, up from 110 million tons predicted in November. Argentina's soybean production is expected to be 54 million tons, down from the 56 million tons forecast in January. South American soybean production estimates for 2016/17 remain unchanged, with Brazilian soybean production at 114.1 million tonnes and Argentine soybean production at 57.8 million tonnes, both unchanged from January's estimates.
Argentina is the world's third-largest soybean exporter. Farmers began planting 2017/18 soybeans in November, and harvesting will take place from March to June.
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