June 11, 2009
Argentine soy continues to shrink on drought
The US Agriculture Department (USDA) lowered its projections for Argentina's drought-shriveled soy harvest by 2 million tonnes to 32 million tonnes and slashed exports by 27 percent.
USDA said on Wednesday (June 10) that projected soy exports for Argentina for 2008-09 are reduced 2 million tonnes to 5.4 million, the lowest in nine years.
Farmers in Argentina, the world's third-largest exporter of soy, are finishing their harvest after being hit by their worst drought in more than 40 years.
The Buenos Aires grain exchange has estimated the soy crop at 32 million tonnes and corn at 12.7 million tonnes.
USDA did not adjust its estimates of Argentine corn production of 13 million tonnes and exports of 7 million tonnes.
