Argentina's rain-hit 2015-16 soya harvest seen at 55 million tonnes

Argentina's Rosario grains exchange lowered on Wednesday its forecast for the 2015-16 soya harvest to 55 million tonnes, from a prior projection of 59 million tonnes, due to unusually heavy rains that hit production in April. The Rosario grains exchange said 5.7 million tonnes of soya production were lost due to the storms.
"The over 20 days of almost continuous rains and drizzle in April hit squarely on the production of the oilseed belt in the central part of the country," said the exchange. Improved output in the Buenos Aires province will help make up for part of the losses, it added. In a separate statement, the Agriculture Ministry, said some 1.2 million hectares will not be harvested due to the rains, leading to losses of almost 6 million tonnes of production. Argentina is the world's top exporter of soyameal livestock feed and the third-biggest exporter of raw soyabeans.