BUENOS AIRES: Argentina’s main farm region will receive little rain for the rest of this month, the Buenos Aires Grains Exchange said on Thursday, after significant rainfall in recent days slowed the loss of crops caused by months of unusually hot, dry weather.

The South American grains powerhouse is the world’s No. 3 corn exporter and its top supplier of soymeal livestock feed.

But the country’s main grains exchanges last week cut their 2020/21 soy crop forecasts due to stubborn dryness that appears ready to continue over the week ahead.

“Most of the central farm region as well as Uruguay will see little to no rain,” the exchange said in its weekly weather report.

Last week the exchange cut its 2020/21 corn crop forecast to 45 million tonnes, while the soy harvest estimate was reduced to 44 million tonnes. Both crops had previously been estimated at 46 million tonnes.

Extensive rains earlier this week prevented the yield of soy and corn, the country’s two main cash crops, from declining further, analysts said. Pockets of late-planted soy crops in key farm regions remained in need of additional moisture, they said.

The government issued its monthly crop report on Thursday, in which it kept its forecast for 9.4 million hectares of 2020/21 corn sowing this season and 17 million hectares for soy.

“The general condition of the soy crop is uneven, due to the irregularity of the rains, both in coverage and in millimeters,” the report said.

“The rains that occurred in mid-March prevented further deterioration of the crop,” it said.