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USDA underestimates Argentine soybean crop

Several analysts specializing in Latin America say the USDA has significantly underestimated the real potential of Argentina's exports this year. The organ increased its forecast for soybean exports by Argentina by only 500 tons (2014/2015), while the new president, Mauricio Macri, confirmed that 30% will be retained.

"With a possible improvement in soybean prices, I believe that exports may grow by 10% to 15% compared to last year [an increase of 1.5 million tons]," said Natália Orlovicin, of INTL FCStone. While soybean prices fell by 3.9% at the end of last week in Chicago, there was an increase of 15.4% in prices (to US$ 307.36 / ton) in Rosario, Argentina's largest export port.

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