Argentine corn and soya should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said on Thursday, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The South American grains powerhouse is the world's third biggest exporter of both crops.
"After recent rains, we estimate that 70 percent of national soya area is benefiting from good to optimal soil moisture," the exchange said in its weekly crop report. Another 15 percent of soya area is suffering from excess ground moisture after a wet February and early March left low-lying areas flooded, it said. Overly wet areas are concentrated in Buenos Aires and Cordoba provinces, as well as marginal areas in north eastern and north western parts of the country.
Argentine soya planting starts in mid-October, with harvesting ending mid-year. Corn goes into the ground in September through December. Harvesting is usually from March through July. The report said 10 percent of the 2016/17 corn area has been brought in so far. Although harvesting machines have gotten bogged down in the wettest areas, the fields that are being harvested are showing better-than-expected yields, it added. The exchange kept its 2016/17 corn crop estimate unchanged at 37 million tonnes.