Broker StoneX cut its estimated production 7.7% to 134 million tonnes earlier this week. On Thursday, local consulting firm AgRural said production may be even lower, at 133.4 million tonnes.
Climate problems are caused by the phenomenon The girl, which is affecting the country’s agriculture for the second year in a row.
For its part, Argentina faces a similar climatic pattern, with moisture deficits that will affect 75% of soybeans out of the country next week, according to Commodity Weather Group.
This week’s revisions to crop estimates may indicate official cuts next week, when the United States Department of Agriculture (USDA) and Brazil’s Conab will release their forecasts for the presided nation’s harvest. by Jair Bolsonaro.
Concerns about the South American crop led to a rise in prices in the Chicago market, where soybean futures rose 13% since December. Also, a lower supply can increase global food inflation.
Source From: Ambito
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