Analysts surveyed by The Wall Street Journal expect slightly smaller soybean crops in South America ahead of the USDA’s next WASDE report due out Tuesday. The average estimate puts Brazil’s soybean production at 179.3 million metric tons, down about 700,000 tons from last month’s projection. Argentina’s crop is expected to be trimmed by about 400,000 tons to 48.1 million metric tons. The reductions are tied largely to excessive rainfall in northern Brazil and parts of Argentina. Even with the adjustments, both countries are still expected to produce historically large soybean crops. The slightly smaller totals could mean a bit less export competition for U.S. soybeans on the global market.
