Market News & Headlines >> Exchange Pegs Argentine Soy Crop
Argentina’s Rosario Grains Exchange, in its first forecast of that country’s 2014-15 soybean production, pegged the crop at 55 million metric tons, on par with USDA’s official estimate.
"Recent rains reached the farming areas furthest inland and were very timely for the advancement of oil seed planting," the Exchange said in its December crop estimate report.
The exchange left its corn crop forecast unchanged at 21.5 million metric tons, which is 500,000 below USDA’s latest forecast. USDA lowered its estimate from 23 million tons on Wednesday.
"A few days before the crop enters the critical development period in the central part of the country, water conditions are excellent to very good, especially in the east of the country,” the exchange said.
The projected wheat harvest was also left unchanged at 12 million tons, the same as USDA’s estimate.