# USDA FAS cuts Argentina soybean guess, sees big Brazil corn crop

> USDA Foreign Agricultural Service cut its Argentina soybean forecast to 36 million tons, 9.5 million below the latest official USDA projection, because of hot, dry weather. It projects Brazil's combined corn crop at 125.5 million tons, up 8% on last year. It also expects Brazil's record wheat crop and says soybean meal futures have hit contract highs.

- Date: 2023-02-03 · published 2023-02-03T12:00:00.000Z
- Category: report · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/37252-usda-fas-cuts-argentina-soybean-guess-sees-big-brazil-corn-crop
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Argentina is the leading exporter of soybean meal and oil, so a smaller crop should lift demand for U.S. soybeans and products. The larger Brazilian corn crop adds export competition, particularly to U.S. corn sales to China, which is bearish for corn.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-03-01 | [Corn, soybean usage cuts overshadow smaller Argentine crops](https://feedsoft.ai/events/37263-corn-soybean-usage-cuts-overshadow-smaller-argentine-crops.md) | +2.3% | -1.5% |
| SOY | 2021-03-03 | [USDA FAS lowers Argentina soybean outlook - Brownfield Ag News](https://feedsoft.ai/events/47978-usda-fas-lowers-argentina-soybean-outlook-brownfield-ag-news.md) | +1.9% | -3.3% |
| SOY | 2019-03-12 | [Brazil raises corn crop estimate, cuts soybeans - Brownfield Ag News](https://feedsoft.ai/events/59926-brazil-raises-corn-crop-estimate-cuts-soybeans-brownfield-ag-news.md) | +3.2% | +2.4% |
| SOY | 2017-02-24 | [USDA Forum: USDA sees smaller corn, soybean and wheat crops in 2017](https://feedsoft.ai/events/72340-usda-forum-usda-sees-smaller-corn-soybean-and-wheat-crops-in-2017.md) | +1.5% | -2.0% |
| SOY | 2017-03-01 | [Argentina: Corn Areas Forecast Has Been Increased; Soybean Areas Forecast Has Been Decreased](https://feedsoft.ai/events/71851-argentina-corn-areas-forecast-has-been-increased-soybean-areas-forecast-has.md) | -1.0% | -5.2% |
| SBM | 2023-03-01 | [Corn, soybean usage cuts overshadow smaller Argentine crops](https://feedsoft.ai/events/37263-corn-soybean-usage-cuts-overshadow-smaller-argentine-crops.md) | +2.6% | -6.2% |
| SBM | 2026-09-10 | [Argentina cuts soybean harvest outlook as corn margins improve
						 \| The Pig Site](https://feedsoft.ai/events/13776-argentina-cuts-soybean-harvest-outlook-as-corn-margins-improve-the-pig-site.md) | +4.1% | +5.8% |
| SBM | 2020-03-19 | [USDA FAS sees rising soybean demand for China - Brownfield Ag News](https://feedsoft.ai/events/54127-usda-fas-sees-rising-soybean-demand-for-china-brownfield-ag-news.md) | +5.8% | -4.0% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/usda-fas-cuts-argentina-soybean-guess-sees-big-brazil-corn-crop/

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