BUENOS AIRES, ARGENTINA — Argentina’s soybean exports in 2019-20 are revised downward by 36% from a forecast earlier this year on decreased global demand for the crop, according to an Oct. 4 Global Agricultural Information Network report from the U.S. Department of Agriculture (USDA).

The USDA projects 2019-20 exports at 8 million tonnes, down 4.5 million tonnes from its April projection and below the 2018-19 export figure of 10.6 million tonnes.

Meanwhile, soybean production in the South American country in 2019-20 is forecast at 53 million tonnes, down from the USDA’s revised 2018-19 total of 55.3 million tonnes.

“Farmer selling has slowed since August 2019 as producers decide whether to sell what many consider to be low prices or hold as a hedge against future inflation and economic insecurity,” the USDA said.

The USDA is forecasting 2019-20 soybean planted area at 18 million hectares, the same area that was planted last year.

Argentine soybean crushers are forecast to process 44 million tonnes in 2019-20, up 3 million tonnes from April, on increased global demand for soy meal and soy oil. The forecast is slightly higher than the country’s 2018-19 crush total of 43 million tonnes.

Argentina is the world’s third-ranked producer of soybeans behind the United States and Brazil.