News & Publications
May 30, 2023 |
Argentina is not out of the woods yet
Even though the 2022/2023 crop season is approaching its end, market participants will still have very good reasons to divide their attention between production projections for the U.S. new crop and the estimates for current South American corn and soybean production.
The fact that USDA did not change its estimates for Argentine corn and soybean production during the current 2022/2023 season was one of the biggest surprises of the May WASDE report. USDA decided to leave its estimates unchanged at 37 million metric tons for corn and 27 MMT for soybeans, while the trade estimates ranged from 33-37 MMT and 22-26 MMT, respectively.