Argentina cuts soybean harvest outlook as corn margins improve

Argentina's Rosario grains exchange reduced its 2026/27 soybean harvest estimate by 200,000 tons to 47.8 million tons. The revision reflects lower soybean profit margins relative to corn, which are encouraging farmers to expand the area planted with corn. The exchange raised its corn harvest forecast from 66 million tons to a range of between 67.5 million and 70.5 million tons. It also increased its wheat production estimate by 2.4% to 21 million tons due to good early crop conditions. Corn planting was expected to begin in the following weeks, soybean planting in October and the wheat harvest in November. Argentina is the world's largest exporter of soybean oil and meal and the third-largest exporter of corn.