Some market operators lowered the forecast of soybean production to an average of 40 million tons (54 million tonnes according to USDA). Soybean yield in the current year may be reduced to 2.2 t/ha compared with 3.1 t/ha in the 2017/18 MG, harvested up to 18 million hectares (18,35 million hectares – 2016/17 MG). In turn, the USDA estimates these figures at the level of 2.9 t/ha and 18.5 million hectares, respectively.
As a result of lower crop of soybean, the brokerage company of Argentina - Zeni lowered by 25% the forecast of export of this crop to 6.5 million tons. A few months ago forecast of export volume of soybeans was 8.5 million tons.
The market experts expect the decline of the corn crop in Argentina to 32 million tons. It is also expected that the average yield of this crop will decrease to 6.75 t/ha with last year's level of 8.5 t/ha. On 28 Feb harvested of corn amount to 4.75 million hectares (4.9 million hectares last year).
The USDA forecast looks more optimistic. The gross harvest is expected to reach 39 million tons, with forecast yields of 7.5 t/ha with a cultivated area of 4.9 million hectares.
Photo: latifundist.com
Translated by service "Yandex.Translation"