Argentina reduces production forecast for soybeans and corn due to the prolonged precipitation
In a new report by the Ministry of agriculture of Argentina has lowered the forecast of soybean production in 2017/18 MG 1 million tons to 36.6 million tons, with prolonged and heavy sediments prevent the carrying out of harvesting and reduce the yield and quality of oilseed soybeans.
currently in Argentina soybeans are collected by 80.3% of the area against the average of 84.9%.
earlier, during the active phases of development of soybean crops in the country was dominated by the most powerful in the last 50 years drought, which resulted in gross harvest of soybeans could be reduced from 54 million tonnes in 2017/18 MG to a minimum of the previous 4 seasons.
Experts Grain exchange Rosario lowered its estimates of soybean production in Argentina in 2017/18 MG from 37 to 35.75 million tons While the forecast of corn production in comparison with the previous report reduced from 32 to 31.7 million tons.
With the support of new price forecasts for soybeans and meal in Chicago continued to rise, which began last week after successful talks between the US and China about the increase in recent imports of American agricultural products.
Within weeks, the soybean futures rose 3% to 385,25 $/ton, soybean meal at 0.5% to 422,4 $/t