Extensive rains bring relief to Argentina's soybean and corn crops.
The Rosario Stock Exchange estimated the soybean harvest at 52 million tons and the corn harvest at a record 59 million tons in Argentina.
(Reuters)- The abundant rains of the last few days in Argentina's main agricultural areas have brought relief to the 2023/24 soybean and corn crop, which from the end of January until last week were battered by a heat wave accompanied by dry conditions, the Rosario Stock Exchange (BCR) reported on Wednesday.
BCR estimated the soybean harvest at 52 million tons and the corn harvest at a record 59 million tons in Argentina, one of the world's leading exporters of both crops, as well as soybean oil and meal.
"After weeks of heat and growing concern about crops, rains hit the central (agricultural) region during the long weekend (between Saturday and Tuesday)," BCR said in a report, noting that between 45 and 100 millimeters of rain fell in the Pampa region.
"What we are all seeing now (...) is what the reaction of the crops will be. There are many expectations regarding this," said Cristian Russo, head of agricultural estimates at BCR, according to the report.
The BCR added that no rain is forecast for the coming days, which will allow producers to assess the effect of the weather phenomenon, whose rainfall, in addition to being abundant, was also homogeneous, the BCR added.