# WASDE update: Argentine crops downgraded | articles | ING THINK

> USDA cut its Argentine corn production estimate from 47 to 40 million tonnes and its soybean forecast by 8 million tonnes to 33 million, due to hot and dry weather. Global 2022/23 corn ending stocks rose to 296.5 million tonnes, above the roughly 293 million expected, as demand cuts offset supply losses. U.S. corn ending stocks were raised to 1.34 billion bushels.

- Date: 2023-03-09 · published 2023-03-09T12:00:00.000Z
- Category: report · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/36822-wasde-update-argentine-crops-downgraded-articles-ing-think
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Argentine supply losses tighten the global soybean balance and support soybean meal prices. Corn is pressured because demand cuts outweigh the supply losses, leaving global stocks above expectations.

## Read by commodity

- SOY: bullish ▲
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-10-13 | [WASDE update: US supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/39103-wasde-update-us-supply-cuts-articles-ing-think.md) | -1.7% | +4.6% |
| SOY | 2023-01-13 | [WASDE update: Tighter US grain balances \| articles \| ING THINK](https://feedsoft.ai/events/37729-wasde-update-tighter-us-grain-balances-articles-ing-think.md) | -1.5% | +0.8% |
| SOY | 2024-03-11 | [WASDE update: Corn and soybean markets tighten \| articles \| ING THINK](https://feedsoft.ai/events/31132-wasde-update-corn-and-soybean-markets-tighten-articles-ing-think.md) | +2.4% | +0.9% |
| SOY | 2023-09-13 | [WASDE update: Tighter wheat and looser corn market \| articles \| ING THINK](https://feedsoft.ai/events/34042-wasde-update-tighter-wheat-and-looser-corn-market-articles-ing-think.md) | -1.2% | -4.5% |
| SOY | 2025-01-13 | [WASDE update: US corn and soybean output estimates cut \| articles \| ING THINK](https://feedsoft.ai/events/26453-wasde-update-us-corn-and-soybean-output-estimates-cut-articles-ing-think.md) | +2.0% | +3.6% |
| CORN | 2021-07-13 | [WASDE update: Global wheat stocks tighten \| articles \| ING THINK](https://feedsoft.ai/events/46007-wasde-update-global-wheat-stocks-tighten-articles-ing-think.md) | -10.7% | -12.3% |
| CORN | 2024-01-15 | [WASDE update: Higher US corn and soybean supplies \| articles \| ING THINK](https://feedsoft.ai/events/11446-wasde-update-higher-us-corn-and-soybean-supplies-articles-ing-think.md) | +0.8% | -4.7% |
| CORN | 2023-11-10 | [WASDE update: Bearish release weighs on grains \| articles \| ING THINK](https://feedsoft.ai/events/33114-wasde-update-bearish-release-weighs-on-grains-articles-ing-think.md) | +0.0% | -0.3% |

## Sources

- think.ing.com: https://think.ing.com/articles/wasde-update-argentine-crops-downgraded/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.