GAIN Reports from July 19, 2023

The following GAIN reports were released on July 19,  2023. _______   Argentina: Oilseeds and Products Update Post estimates MY 2022/2023 soybean production at 21.25 million metric tons (MMT), 3.75 MMT below the official USDA estimate on lower than expected yields. Soybean sales have been driven primarily by government programs offering exchange rate incentives and farmers are holding remaining soybean in anticipation of similar future programs. Precipitation levels have improved in recent months across much of the growing region.   South Africa: Grain and Feed Update South Africa is currently harvesting its second largest corn crop in history and a fourth consecutive bumper crop. This creates a bearish outlook on local corn prices and will limit an expansion in the area to be planted with corn in marketing year (MY) 2023/24. Additionally, Post foresees that the positive trend in soybean plantings will continue, also limiting possible expansion of corn area. However, South Africa should maintain its status as a net exporter of corn under normal climatic conditions. Post estimates South Africa could export around 2.5 million metric tons (MMT) of corn in MY 2023/24, while exports in MY 2022/23 are expected to reach 4 MMT. In MY 2021/22, South Africa?exported 3.7 MMT of corn, keeping exports on the same level as MY 2020/21.     For more information, or for an archive of all FAS GAIN reports, please visit gain.fas.usda.gov/. Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please visit subscriberhelp.govdelivery.com. This service is provided to you at no charge by USDA Foreign Agricultural Service. This email was sent to stevenmagallanes520.nims@blogger.com using GovDelivery Communications Cloud on behalf of: USDA Foreign Agricultural Service · 1400 Independence Avenue, SW · Washington, DC 20250