Argentina's 2019/20 soya crop is estimated at 54.5 million tonnes, the Buenos Aires Grains Exchange said in a report on Thursday, citing good season-long rains as its reason for increasing its previous forecast of 53.1 million tonnes.

"To date, 68.5% of the 17.4 million hectares planted with soyabeans are going through critical yield-setting stages, under moisture conditions ranging from optimal to adequate," it said. The exchange, in its weekly crop report, also increased its corn harvest estimate to 50 million tonnes from its previous forecast of 49 million tonnes.