The U.S. Department of Agriculture (USDA) reported last week that Argentina’s soybean production will fall to a 23-year low this year, while corn production will drop to a five-year low due to severe drought affecting the country. 

The USDA estimates Argentina’s soybean harvest at 27 million metric tons (mmt) and corn crop at 37 mmt. Argentina’s Buenos Aires grain exchange estimates the country’s soybean crop at 25...