Agriculture Department Raises Crop Exports Outlook
Thursday, February 9th, 2012
Poor weather took its toll on Argentina's corn fields, pushing the production forecast lower than expected and reducing the country's ability to export, the U.S. Department of Agriculture said Thursday.
The weakened Argentine crop will increase demand on U.S. supply, USDA said.
Argentina will produce just 22 million metric tons of corn for the 2011-12 marketing year, the USDA said in its February edition of the monthly World Agricultural Supply and Demand Estimates report. That's 4 million tons less than USDA was predicting a month ago.
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