USDA FAS trims Argentina corn crop projection
The USDA’s Foreign Ag Service has lowered its corn production estimate for Argentina due to drought.
The FAS pegs production at 47 million tons, a half a million less than the official USDA guess, while leaving exports unchanged, for now, at 34 million tons.
Argentina’s sorghum exports were hiked 400,000 tons to 1.4 million on expectations for strong demand by China, with production at 3.2 million tons, matching the official USDA estimate.
Recent timely rainfall has improved prospects somewhat, but more will be needed as producers wrap up planting and the crop develops, with continued concerns about the crop because of the prevailing La Nina pattern.
The USDA’s next official set of estimates for Argentina is out February 9th.