BUENOS AIRES: Early planted corn in Argentina has begun key development stages, during which yields are determined, with “good expectations” thanks to recent rains, the Buenos Aires grains exchange said on Thursday.

The exchange expects Argentina’s 2021/22 corn crop at a record 55 million tonnes. The South American country is the world’s second largest corn exporter.

“The improvement in soil humidity levels allows the critical stage (for corn) in the heart of the country’s agricultural region to start with good expectations,” the exchange said in its weekly report.

Farmers had planted 29.2% of the expected area, it added.

The grains exchange also said recent rains will help boost 2021/22 soybean planting. By Wednesday 28.6% of estimated soybean hectares were already in the ground, with a crop of 44 million tonnes expected for next year.

Regarding wheat, the Buenos Aires exchange said that very high temperatures registered in recent weeks might hit productivity of plants in the southern region of Buenos Aires province. However, it did not move its estimate of a record 19.8 million tonne crop for the current 2021/22 season.

Farmers have harvested 17.6% of land planted with wheat in Argentina, according to the report.