A dearth of rain triggered by the La Nina weather phenomenon has prompted the Rosario Exchange to cut its forecast of Argentina’s 2017/2018 corn and soybean crop by 12% and 10%, respectively, making it one of the most bearish analysts in the market. The lack of water has cut (our previous projection on January 10 by) 5.5 million mt in soybeans, which stands at 46.5 million mt, and 4.9 million mt of corn, which stands at 35 MMT. The figures compare to the 2016/2017 harvest of 57.8 million mt for soybean, down almost 20%, and 41 million mt for corn, down almost 15%.