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Rainfall in Argentina Halts Soybean Crop Damage
USAgNet - 02/07/2023

Rainfall over the past few days has improved the conditions of planted soybeans and corn, especially in plantations that were sowed later. The development makes for welcome good news considering that both crops represent more than US$30 billion in exports and that the oilseed by itself brings in about US$20 billion per year.

This is key in terms of the Argentine economy’s need for fresh dollars, after the strong year-on-year setback in last January’s liquidation, which came to just over US$928 million.

Soy sowing was finally completed this week, with some 16.2 million hectares planted, according to the Buenos Aires Grain Exchange’s latest survey. At the same time, water conditions also improved, with 47% of the planted area reportedly in adequate or optional conditions.

Still, it’s not all good news, as the institution isn’t ruling out another cut in its medium-term harvest estimates –currently at 41 million tons– since the oilseed planted in the first phase suffered the ravages of December and January, months with low humidity and scant rainfall.

So far, everything suggests that the Buenos Aires entity will make a cut to 36-38 million tons in the medium term, which would put it close to the Rosario Stock Exchange’s current figures.

On the other hand, the rains of the last few days have stopped the deterioration of second-batch soy fields in the core farming area. Some 56% of the second-batch soy area is currently reporting poor or regular crop conditions and the central-eastern area of Entre RĂ­os is the hardest-hit region.


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