GRAIN

摘要

High temperatures and severe drought, followed later by a harvest disrupted by heavy rain, has sharply curtailed Argentine soyabean production, with yields down by 26% across the country and the 2017/18 (October-September) harvest expected to be a nine-year low, according to the US Department of Agriculture (USDA). Wheat and corn production is also down. Exports have fallen as a result, with soyameal shipments in the first six months of the 2017/18 market year down by 1.9 Mt on the same period last year at 11.9 Mt. The majority of Argentine soya exports go to Europe and Far East Asia (excluding China), with smaller volumes to the Middle East and North Africa, where they are largely used in animal feed.