Heavy rain and flooding have led to large changes in 2017 worldwide soybean production estimates by the USDA.
Yesterday's World Agricultural Supply and Demand Estimates report released by the department has lowered global soybean production by 1.2 million tonnes from last month.
While yield projections for most other countries are up, the water-logged Argentine fields are looking at harvesting about 1.5 million tonnes less than they expected to just 31 days ago.
The WASDE report has kept U.S. yield estimates unchanged from January.
On-farm soybean price projections for the upcoming season are also unchanged, ranging from $9.10 to $9.90.
U.S. corn prices are also suggested to be the same as they were a month ago, with a midpoint of $3.40 a bushel.
The department notes global corn production numbers have increased, mainly due to expected record harvests in Mexico and the Ukraine.
Canada and the Ukraine are both expected to export more corn than they did last year, while China is expected to purchase significantly less this year as its own production continues to climb.
The USDA also decreased it's estimates for global wheat supplies by 4.2 million tons.
It credits the reduction to new, lower government estimates provided by India and Kazakhstan.
The department expects U.S. producers to receive a five-cent bump in prices as a result.
