BUENOS AIRES, ARGENTINA — Argentina’s corn exports in the March 2020-February 2021 period were down compared to a previous record, partly due to an increase in the export duty and a drop in production, S&P Global said, citing a forecast by the Rosario Board of Trade.

Exports totaled 33.5 million tonnes, which compared with a record 37 million tonnes in the same 2018-19 period. Exports then were helped by record production, a favorable currency exchange rate and an increase in demand.

The Rosario Board of Trade also said that exports could be revised due to uncertainty regarding the global economy due to the COVID-19 pandemic.

Argentina is the third largest corn exporter, followed by the United States and Brazil.

Production is expected to reach 50 million tonnes in 2019-20, down 2.9% year-over-year.