Soy crops in key parts of Argentina’s farm belt have been hit by a yield-shriveling drought, spurring the Rosario grains exchange to slash its 2020/21 harvest estimate by 4 million tonnes to 45 million, reports Hellenic Shipping News.
Analysts warned of more harvest forecast reductions ahead.
Argentina is the world’s top exporter of soymeal livestock feed used to fatten hogs and poultry from Europe to Southeast Asia. It is also its No. 3 international corn supplier.
Last week the Buenos Aires Grains Exchange warned that it may cut its crop estimates – 46 million tonnes a piece for soy and corn – if significant rains did not appear.
