Bumper Argentina soy, corn crops forecast to get even bigger
This year's soybean and corn harvests in Argentina may be even bigger than previously thought.
This year's soybean and corn harvests in Argentina – poised to rebound sharply after last season's drought – may be even bigger than previously thought.
Farmers benefiting from El Niño-induced rains will harvest 52.5 million metric tonnes of soybeans in the second-quarter crop, up five percent from the previous estimate, according to a weekly report from the Buenos Aires Grains Exchange. They are also on track to harvest a record 56.5 million tonnes of corn, 2.7 per cent more than previously forecast.
Argentina is usually the world's largest exporter of soybean meal and oil. Its shipments may influence not only the trading of benchmark futures in Chicago, but also the chances that the new president, Javier Milei, can turn around an economy mired in crisis. This is because oilseed sales account for about a quarter of Argentina's total foreign exchange earnings.
The South American nation is also the third-largest supplier of maize.
Analysts warned that soybean fields will need more rainfall over the next few weeks, a crucial time in the plant's development, to maintain the projection.
related news
-
Milei says Argentina is ‘very close’ to lifting FX controls
-
330,000 porteños have dropped out of middle class in last eight years
-
Police raid dozens of soup kitchens
-
Central Bank cuts interest rate for sixth time to 40% as inflation slows
-
Inflation cools for fourth straight month
-
Monthly inflation slows to single-digit: 8.8% in April
-
Argentines flock to banks as Milei awakens mortgage market
-
Argentina questions three banks on puts, bond transactions
-
Book Fair attendance down 10% amid economic crisis
-
IMF endorses Milei austerity, paves way for new funds