Córdoba consultant Pablo Adreani, the owner of Agripac, has updated his estimate for Argentina’s soybean production and revised it from 57 million metric tons to 47 million metric tons due to the recent drought. For corn, the estimate was lowered from 40 million metric tons to 35 million metric tons.
In terms of financial loss, according to Adreani, that would be US$ 4 billion for the oilseed and US$ 1 billion in corn losses.
We remind that on February 1 the Buenos Aires Cereal Exchange has updated its soybean production estimate lowering to 51 million metric tons through a total planted surface of 44.4 million acres. In different regions of the country, the situation was considered adverse. Nearly 34.6% of the field were considered by the Exchange to have a regular or bad condition, while 53% were under regular or dry prospects. Approximately 31.5% of the surface was at the stage that defines yields.
Argentina is the largest soybean meal and soybean oil provider in the world.
Along with a rise in wheat shipments, Ukraine continues stepping up exports of wheat bran despite a drop in its output in the country. In 2017, wheat bran production in Ukraine fell by almost 5% to 626.6 KMT.
Romanian rapeseed exports set a record last season, when they totaled 1400 KMT according to official data. The nation managed to achieve this not only owing to crop shortfalls in France and Poland, which are the top suppliers in the EU domestic market. Decreased competition from Ukraine, where total rapeseed production also declined, made it possible for Romania to expand its share in EU markets.