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South American soy crop outlook worsens

Hamburg / Reuters /Soybean crops in Argentina and Brazil have suffered from more poor weather and harvest forecasts for the two countries may have to be cut by a combined two million to three million tonnes, Hamburg-based oilseeds analysts Oil World said April 3.

“New reports have been received confirming additional crop losses, further eroding the potential South American export supplies of soybeans and products,” Oil World said.

“The South American supply situation could really become serious and exports of soybeans and products may be forced to decline significantly in Sept. 2012 to Jan. 2013.”

U.S. soybean prices touched new six-month highs on March 26 on expectations drought damage to South American soybean harvests would transfer global import demand to the United States and rose again on Friday following U.S. planting estimates.

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