Argentine exchange cuts soybean crop forecast to 20.5 mln T

Argentina's Rosario grains exchange cut its forecast for the country's 2022/2023 soybean harvest to 20.5 million metric tons down from 21.5 million metric tons previously, it said on Wednesday, after a historic drought battered the crop.

The South American country is the world's largest exporter of processed soy oil and meal, but the most recent season was hit hard by drought, leading to regular estimate cuts. In the 2021/22 harvest it produced more than double the amount of soy.