February 20, 2012

Drought hits Argentina's soy, corn sowings 

The La Nina weather pattern is making the soy and corn crops in Argentina suffer from drought.

According to Buenos Aires Cereals Exchange, major crop growing areas received rain and is expected to shower for longer period and to a vast area covering all the crop areas.

The damage caused by the drought is irreversible but the new crop is beneficial with the present weather conditions.

Argentina is the second-biggest corn exporter as well as third-biggest soy shipper in the world.

In Inter-Continental Exchange (ICE), the corn for March delivery traded at US$6.35 4/8 a bushel and soy traded at US$12.61 2/8 a bushel on February 15.