USDA South American Soybean Production – 03/10/2022

USDA cut the South American (Brazil. Argentina, Paraguay) this month by 10 million tonnes or 350 million bushels.  The crop is now forecast to fall well below the year earlier level. Most of the deficit will be filled by US soybeans although a portion will be filled with US new crop soybeans

USDA also cut the soybean meal export estimate  for Brazil and Argentina by a slight margin, but the reduction suggests the US crush industry will benefit from any growth in world export trade.