In the latest WASE update, USDA dropped world Brazilian soybean production for the 2023/24 marketing year by 1 million metric tons. The production estimate for Argentina was left unchanged. It is likely that in the June WASDE USDA will likely reduce Brazilian soybean production some more based on the extraordinary precipitation that fell in Rio Grande do Sul and resulted in extensive flooding.

A map of the south carolinaDescription automatically generated

At the time of the...