Another decline in the harvest forecast in Argentina raises the price of soybeans and meal
Grain exchange Buenos Aires (BAGE) on Thursday lowered the rating of the soybean crop in Argentina in comparison with the previous forecast of 6% or 3 million tons to 44 million tons because 52% of crops are still suffering from drought. Since the beginning of the season, the experts exchange has reduced production estimate by 10 million tons and warned that several weeks of drought will further reduce yield.
the Forecast of corn production remained unchanged at 37 million tonnes, 2 million tonnes inferior to the crop of 2016. Harvesting has already begun and preliminary yield is 6.4 t/ha, which is lower than expected.
amid forecast BAGE, yesterday in Chicago soybeans rose by 1.5% to an annual maximum 395 $/ton, meal, rose 0.6 percent to its highest level in 20 months 443 $/ton, oil-by 1% to 721 $/t
soybean Market supported evidence of declining productivity in Brazil, which already began to collect oil. If yields remain at current levels, analysts will reduce the estimate of soybean production in the country, although a few weeks ago increased the forecast up to 115-117 million tons.