BUENOS AIRES: Rainfall earlier this week provided much-needed relief from dry conditions for over 60% of Argentina’s current planted soybean crop, a Rosario grains exchange (BCR) report released late on Thursday said.
The exchange described the turnaround as delivering the country’s main cash crop “from the inferno,” but said the “relief did not reach everyone”.
The rainfall allowed the BCR to lower its estimate to 30% from 50% for early planted soybeans that are in regular or poor condition. Argentina is one of the biggest global suppliers of processed soybeans, as well as a major corn, wheat and barely exporter. Proceeds from sales boost the central bank’s hard currency reserves. “These rains managed to stop the deterioration of the crop and the drop in yields,” the report said, but said areas in the northeastern core of the planted farmland have yet to benefit from precipitation. Rains are forecast there from next Tuesday and expected to cover a larger area, the BCR said, adding that the South American nation’s corn crop was also expected to be watered.
The Buenos Aires grains exchange forecasts production from the 2024/25 soybean harvesting season at 49.6 million metric tons, and the season’s corn crop at 49 million tons.
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