Tidbits
Crop conditions in Argentina continue to get worse. Soybeans are rated 28% poor condition vs. 21% last week and 14% a year ago. Corn is rated 20% poor vs. 14% last week and 6% a year ago. However, in their 2023 drought, 60% of the bean crop and 47% of the corn crop were in poor condition.
The Buenos Aires Grains Exchange announced cuts to estimated production for Argentina's 2024/25 soybean and corn crops by 1 million mts each to 49.6 million mts and 49 million mts, respectively. Last week, the Rosario Grain Exchange also lowered their estimates, corn to 48 million mts and soybeans to 51 million mts, each 1 million lower.
Four agricultural groups in Argentina petitioned the government of Javier Milei last week to lower or eliminate export taxes on grain exports to aid farmers suffering from drought and low commodity prices. Yesterday the government announced temporarily lower grain export taxes, lasting through June. Soybeans from 33% to 26%, soybean meal and oil from 31% to 24.5%, corn and wheat from 12% to 9.5%.