Argentine Crops' Resilience Amidst Drought

Argentine crops are experiencing lighter rainfall compared to the previous year, with the upcoming corn harvest expected to be about 60% larger than last year, and the soy crop seen doubling. Recent weather patterns have introduced plant stress in some areas, and the U.S. Department of Agriculture is set to update its global supply and demand forecasts on Thursday. Analysts expect an upward movement in the 2023-24 Argentine soybean crop estimate, though recent crop outlooks from Argentine exchanges support the upward movement. The weather models suggest potential above-average precipitation for the next two weeks, which may lead to Argentina's best yields in five years.