Argentina Rains Help Pump Up Soybean, Corn Crop Forecasts

Mar 03, 2021

Abundant rains in recent weeks in Argentina have lifted forecasts for soybean and corn harvests, according to a revised outlook by the Rosario grains exchange, a major boost for the grains producer amid a global food price rally.

The exchange raised its forecast for the 2020/21 soybean harvest to 49 million tonnes, versus 47 million previously, and for corn to 48.5 million tonnes from 46 million earlier, when dry conditions had raised concerns over crops.

The exchange said in the monthly report sent to Reuters early on Thursday that the rains in recent weeks had been a "turning point" in the season and banished any fears about a repeat of the 2018 drought that caused heavy crop losses.

"The specter of the 2018 productive disaster remains behind us," the exchange said in the report.

Argentina is the world's top exporter of soybean oil and meal, and the third largest of corn, but lower rainfall in recent months due to a moderate La Niña weather phenomenon had caused uncertainty over harvests from the country.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.