Breaking News-RTRS-UPDATE 2-Drought-hit Argentine soy crop seen at 32.2 mln T

BUENOS AIRES, May 20 (Reuters) - Argentina's drought-hit soy crop looks set to shrink by 30 percent to 32.2 million tonnes, the smallest in five years, the Buenos Aires Grains Exchange said Wednesday.
The exchange, which has repeatedly cut its forecast for 2008/09 output as the harvest advanced, lowered its previous weekly outlook of 32.8 million tonnes due to poor yields as gathering nears its end.