Heavy downpours have ruined the harvest of nearly 5 percent of Argentina's soyabean farms and could damage even more of the 2015-16 crop if rains extend into next week as expected. Grain experts still forecast a strong harvest once the rains let up, however, due to robust production in regions unaffected by the precipitation. Argentina is the world's No. 3 exporter of the oilseed and the leading supplier of soyaoil and soyameal.
"The longer it takes for the weather to change, the worse the damage. But there are areas doing very well, which is supporting the harvest outlook," said Cristian Russo, head of forecasting for the Rosario grains exchange.