Significant drop in producer confidence as measured by the Austral Ag Barometer.
The index for July 2022 ranks among the worst readings since October 2018, when it began being published. This decline is primarily driven by deteriorating current expectations and concerns about the next twelve months.
The increase in the exchange rate gap is less important than the decision to sell by producers; most of whom indicate that the increase in the gap has no impact on their decision to sell soybeans.