Argentina Corn, Soy Forecasts Cut on ‘Disastrous’ Drought

Corn growers in Argentina, the world’s second-largest exporter of the grain, may reap a third less than initially forecast after a drought damaged crops.

Corn farmers may produce as little as 20 million metric tons, compared with estimates of a record 30 million tons in November, Argentine corn farming group Maizar said. Soybean production may be 48 million tons, down from an initial estimate of 52 million tons, said soybean association Acsoja.