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USDA cut its 2022-23 Argentine corn production forecast 15% to 40 million metric tons because of continued heat and dryness. The agency also raised its U.S. soybean export forecast to 58.2 million tons and lowered U.S. ending stocks to about 210 million bushels.
A separate FAS analysis said Argentina's corn exports are forecast at 29 million tons, the lowest since 2017-18.
A smaller Argentine crop tightens global corn supply and pushes importers such as Peru, Malaysia and Egypt toward other origins, supporting corn prices. Higher U.S. soybean exports with lower stocks also support soybean values.
agri-pulse.comBill TomsonMar 8, 2023After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
