Informa Economics has reduced the production forecast for Argentina, but increased for Brazil
In the March report, the experts of Informa Economics lowered the forecast of soybean production and corn production in Argentina in 2017/18 MG, but increased them to Brazil.
In comparison with the February forecast estimate of soybean production in Argentina decreased by 7 million tons to 44 million tons, and corn to 3.5 million tonnes to 33.5 million tonnes estimate of soybean production in Brazil increased by 1.5 million tons to 114 million tons and corn by 1 million tons to 89 million tons.
As of March 1, in Brazil soybeans are collected at the 35% of the planned area, which is inferior to the indicator of the previous year 475, and the average five-year rate of 37%.
According to Oil World, as of February 28, in Argentina, 45% of crops of soybeans are in poor or very poor condition, whereas in January the figure was only 5%. A significant deterioration of oil crops due to lack of soil moisture, which affects 70% of the acreage. During December – February in most of the Argentine growing regions soybean was less than 50% of the needed precipitation.