BUENOS AIRES: Argentina’s 2020/21 soy crop is expected at 43 million tonnes, the Buenos Aires Grains Exchange said on Thursday, citing lower-than-expected yields caused by dry weather earlier this year as the reason for cutting its previous 44 million-tonne estimate.

The South American country is the world’s biggest exporter of soymeal livestock feed, used to fatten hogs and poultry from Europe to Southeast Asia.

“During the last three weeks, harvest results are below expected yields and even historical averages, reflecting the impact of the water deficit during the months of February and March,” the exchange said in its weekly crop report.

Argentine farmers have so far harvested 3.5% of the area they planted with soy this season, the exchange said. The average yield nationwide was 3.1 tonnes per hectare, it said.

Earlier this year the Rosario grains exchange cut its soy crop estimate to 45 million tonnes, also citing dry weather that afflicted the Pampas grains belt from mid-2020 through February.

Argentina is also the world’s No. 3 corn exporter.

The exchange kept its 2020/21 corn crop estimate unchanged at 45 million tonnes. It said 12% of Argentine corn area had been harvested so far.