Paraguay Soybean Crop Slashed
Paraguay, who are they? The world's fourth largest soybean exporter actually. Blimey, well you learn something every day.
Their soybean crop is seen around 41% down this season, according to the USDA, after being ravaged by the same drought that badly afflicted Argentina and southern Brazil.
Makes you wonder, does it not, about the accuracy of current estimates for the Brazilian and Argentine production.
Brazil might be halfway through it's harvest, but it's the south that harvests last, and it's the south that was worst affected by the drought.
Current estimates peg the Brazilian crop at around 57-58mmt and in Argentina at around 43-44mmt. I wouldn't be surprised to see those numbers trimmed by 2-3mmt each yet, giving us final output figures of around 55mmt and 41mmt respectively.
Their soybean crop is seen around 41% down this season, according to the USDA, after being ravaged by the same drought that badly afflicted Argentina and southern Brazil.
Makes you wonder, does it not, about the accuracy of current estimates for the Brazilian and Argentine production.
Brazil might be halfway through it's harvest, but it's the south that harvests last, and it's the south that was worst affected by the drought.
Current estimates peg the Brazilian crop at around 57-58mmt and in Argentina at around 43-44mmt. I wouldn't be surprised to see those numbers trimmed by 2-3mmt each yet, giving us final output figures of around 55mmt and 41mmt respectively.