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USDA's Foreign Agricultural Service put Argentina's 2020-21 soybean production at 47.5 million tonnes, 2.5 million tonnes below its January estimate. It also said the harvest will be later than normal because of unusual weather and late planting.
The FAS kept its 2020-21 crush forecast at 41 million tonnes.
A smaller Argentine crop reduces export availability of soybeans, meal and oil, supporting prices across the complex. Any shortfall in Argentine meal and oil exports would likely be partly filled by US supply.
world-grain.comHolly Demaree-SaddlerMar 4, 2021After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
