Soybean output for Argentina, is forecast at 54.5 million mt, up 3% on previous estimates in 2019-20 crop year (November-October), on good crop conditions across the country, according to the Buenos Aires Grains Exchange. The world's third largest soy producer and exporter is projected to export 8.2 million mt of soybeans in 2019-20, down 10% on the year. The country's soybean meal exports are forecast at 30.85 million mt, up 10%, while soybean oil shipment are projected at 6 million mt, up 14% year on year.
Buenos Aires Grain Exchange raised its forecast for Argentina's corn production to 50 million mt in 2019-20, up 1 million mt from the previous estimate, and not far behind the record 50.6 million mt harvest during the last season. Argentina, the third largest exporter of corn in the world, is likely to export 33.5 million mt of corn in 2019-20, compared to an estimated 36 million mt in 2018-19, according to the US Department of Agriculture.