Argentina’s Rosario Grain Exchange has cut its forecast for the country’s 2022/23 soybean harvest to 37 million tons, down from a previous forecast of 49 million tons, reports Reuters.
The corn harvest for the 2022/23 season is now estimated at around 45 million tons, down from the 55 million tons previously estimated.
Dry conditions in Argentina continue to be the main story for soybeans, commodities research firm Hightower said, adding, there is some rain in the forecast over the coming week but it is expected to be below normal.
Reuters also noted that on Tuesday, the soybean and corn markets got a boost after the USDA confirmed private sales of 150,000 tonnes of U.S. corn to Colombia and 119,000 tonnes of soybeans to unknown destinations.
