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ARGENTINE CORN PROSPECTS SLIP

U.S. corn will likely face less export competition from Argentina in coming months than USDA currently forecasts. The Buenos Aires Grains Exchange on Thursday slashed its forecast for Argentina’s 2023/24 corn crop due to the further impact of dry conditions in some growing areas and corn stunt (spiroplasma) disease spread by an unprecedented leaf hopper infestation. Acreage abandonment is expected to be up sharply. The exchange now sees production at only 46.5 million metric tons (MMT) down 3.0 MMT from its previous estimate and well below USDA’s April estimate of 55.0 MMT. USDA is likely to slash its crop and export estimates in next Friday’s May Supply/Demand report. The U.S. agricultural attaché in Buenos Aires cut his crop forecast to 51.0 MMT in mid-April.

As shown below, Argentina is among the worlds largest exporters of corn.

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