Due to the invasion of the leaf beetle in Argentina, corn producers lost a harvest of $1.3 billion

Due to the rare attack of the leaf-eater, the expected corn harvest in Argentina will be reduced by 6.5 million tons, which is about $1.3 billion, the Director of Economic Research at the Rosario Grain Exchange told Reuters.

Argentina, the world's third-largest corn exporter, was aiming for a potentially record crop before an outbreak of pests that spread a disease that damages corn.

"For now, the damage caused by the leaf eater is estimated at about $1.268 billion," Julio Calzada, head of economic research at the Rosario exchange, told Reuters.

The organization currently estimates the harvest at 50.5 million tons.

The competing grain exchange of Buenos Aires has already lowered the corn production forecast to 49.5 million tons. Rosario's stock exchange is likely to further cut its forecasts as the disease continues to spread.

The leaf-eating insect is a carrier of spiroplasma bacteria and other diseases that damage corn.