Argentine corn and soy farms will suffer from hot weather and scant rains for the rest of this week, forecasters said on Tuesday, increasing worries that crop losses will eat into global supplies.
South American grain and oilseed production may be in jeopardy from the formation of a La Niña weather pattern, which might curb rainfall in parts of Brazil and Argentina, Oil World said.
Soybean processing and exports from the US, Argentina and Brazil, the largest shippers, were below expectations in the second quarter on reduced Chinese imports and competition from palm oil, Oil World said in a Tuesday released report.