Argentina cuts soybean harvest outlook as corn margins improve

Argentina's Rosario grains exchange cut its 2026/27 soybean harvest estimate by 200,000 tons to 47.8 million tons on Wednesday citing lower profit margins relative to corn that are drawing farmers to expand corn plantings, reported Reuters.

The exchange raised its 2026/27 corn harvest forecast to between 67.5 million and 70.5 million tons from 66 million, while lifting its wheat output estimate by 2.4% to 21 million tons.

"When comparing margins, corn is starting to gain acreage from soybeans," the exchange said in its monthly crop report.

Corn planting in Argentina begins in the coming weeks; soybean planting starts in October.

Wheat planting has already finished, with the harvest beginning in November; the exchange cited good crop conditions for the upgrade.

Argentina is the world's top exporter of soybean oil and meal, and the third-largest exporter of corn.