Argentina’s Buenos Aires grains exchange on Thursday trimmed its estimate for the 2023/24 soybean harvest to 50.5 million metric tons, citing hot and dry weather in March in northern regions.
The exchange cut its soy estimate from 51 million tons previously. Argentina is one of the world’s top two exporters of processed soy oil and meal along with neighbor Brazil.
Through Wednesday, Argentine farmers had harvested around 64% of this season’s soybean crop, the exchange said.
The 2023/24 corn harvest, meanwhile, slowly chugged along in the past week as farmers wait for the crop’s humidity levels to come down.
The corn harvest is just over a quarter of the way through, said the exchange, which held its production estimate for the season at 46.5 million tons.