By Sara Schafer
The global soybean crop keeps shrinking, led by a massive decrease in South America. Last summer, USDA was expecting the combined 2021/22 soybean crop in Brazil, Argentina, and Paraguay to be a record.
Now the forecast calls for the smallest crop since 2018/19. Since December 2021, USDA has lowered soybean production in the three countries by more than 18 million tons:
Brazil: down 7% from 2021
Argentina: down 9% from 2021
Paraguay: down 37% from 2021