Argentine farmers are expected to harvest 47 million tonnes of soya this season and not the 50 million tonnes forecast earlier, the Buenos Aires Grains Exchange said in its weekly crop report on Thursday, citing drought as the reason for the cut.
"Dry weather and high temperatures continue to affect soyabean production in almost the entire center and south of the agricultural region," the report said. Four months of hot, dry weather on the normally fertile Pampas grains belt also prompted the exchange to reduce its 2017-18 corn harvest estimate to 37 million tonnes from its previous view of 39 million tonnes.
"As with soyabeans, corn fields are going through a period of yield definition under difficult ground moisture conditions in parts of the country. So there has been a drop in performance expectations in the current season," the report said. The agriculture ministry also issued its monthly report on Thursday, cutting its 2017/18 corn planting area estimate to 16.5 million hectares from its previous forecast of 16.75 million hectares.
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