The Buenos Aires Cereal Exchange has updated its soybean production estimate for Argentina and lowered the output to 47 million metric tons. In the previous week, the esimate was at 50 million metric tons.
The Cereal Exchange foresees the possibility of reducing even more the estimate in the coming weeks. Dry weather and high temperatures continue to affect the central parts of the country.
In the meantime, the projection for corn production lowered from 39 million metric tons to 37 million metric tons. If compared to the first estimate done in September, the drop is four million metric tons.
The Argentinian soybean crush for January was reported at 2.8 million mt, up 25% from December, but down 8% year-on-year, the national directorate of AgriFood markets reported.