April 28, 2016
2015/16 Uruguay Soybean Estimate Lowered 0.5 mt to 2.5 Million
There has been a lot of news recently about the excessive rains in Argentina, but Uruguay has actually received more rain than in Argentina. Most of the soybeans in the country were either mature or approaching maturity when the rain started in early April, but the soybean harvest in the country has been stalled for approximately three weeks.
Most of the soybeans in Uruguay are grown in the northern part of the country along the border with Rio Grande do Sul. Farmers in southern Rio Grande do Sul are complaining about the lack of harvest progress and the probability of lower quality soybeans as a result. The same thing is suspected to be happening in northern Uruguay as well.
Last week I lowered the Uruguay soybean estimate by 0.5 million tons and I am lowering it another 0.5 million tons this week to 2.5 million tons with a lower bias going forward.