February 15, 2021

Forecasts raised for Argentina's corn and soybean harvest thanks to rains

The Rosario grains exchange revised its forecasts for corn and soybean harvests in Argentina thanks to abundant rains in recent weeks, a boost for the country amid a worldwide food price rally, Reuters reported.

The exchange raised its 2020/21 corn harvest forecast from 46 million tonnes to 48.5 million tonnes, while soybean harvest projections increased from 47 million tonnes to 49 million tonnes.

The exchange said recent rains in the country have alleviated fears about a repeat of the 2018 drought that resulted in major crop losses.

On the other hand, the Buenos Aires Grains Exchange kept its 2020/21 corn and soy harvest projections unchanged at 46 million tonnes each.

It said in its weekly crop report that rainfall in end-January have boosted the condition of soybean fields over much of the central agricultural area.

The exchange Buenos Aires also said late planted commercial corn is in good condition at the central agricultural area, but harvests for early-planted corn at Santa Fe and Entre Rios are resulting in below-expected yields.

Argentina is the biggest soybean meal and soyoil exporter in the world, and the third biggest corn exporter.

- Reuters