BUENOS AIRES: Fresh rains in a large part of Argentina’s agricultural region benefited wheat planting over the last week, the Buenos Aires grains exchange said on Thursday.

Argentina, a key wheat exporter, is expected to plant six million hectares of the grain for the 2023/24 season, as producers are looking to recover from a harsh drought which halved production during the last season.

In Argentina’s core agricultural region, “the latest rains have been able to improve the water condition of what has been planted, and will allow progress on the remaining area,” the exchange said in its weekly report, adding that rainfall in the agricultural west and north will also help the sowing tasks.

As of Wednesday, farmers had planted 86.2% of the estimated area for wheat, the report noted. On Wednesday, the Rosario Grains Exchange (BCR) reduced its wheat harvest estimate to 15.6 million metric tons due to the scant rains recorded in June.

But, the exchange noted that the rainfall registered this July prevented the cut from being greater. Regarding corn for the 2022/23 season, farmers have harvested 58.1% of the grain’s planting area, the exchange added, whose production is expected to be of 34 million metric tons.

The South American agriculture powerhouse is a top exporter of processed soybeans as well as a major corn and wheat supplier.