BUENOS AIRIES, ARGENTINA — Devastated by drought, Argentina’s 2017-18 soybean crop is forecast at 36 million tonnes, a 37% drop from the estimated production at the beginning of the year, according to a Aug. 30 Global Agricultural Information Network (GAIN) report from the U.S. Department of Agriculture.

“Feedback from the harvest progress over the last two months reflected more serious drought damage than initially expected with a national average yield falling 22% to 2.12 tonnes per hectare,” the USDA said. “Only areas in north Buenos Aires, south Santa Fe, and east Cordoba provinces withstood the drought impacts to deliver yields at historic average levels of 2.7 tonnes per hectare or slightly above.”