Soy harvest delivers record yields for Argentina

For soybean producers in Argentina, this is a change for the record books.

After last year's devastating drought, soybean yields in Argentina's famous pampas agricultural belt registered an average of 3.36 metric tons per hectare this season, analysts from the Buenos Aires Grain Exchange led by Esteban Copati have announced in their weekly report in a weekly report. That is a full six percent more than the previous maximum.

According to the analysts, producers finished harvesting some 56 million tons of soybeans in recent days, with plants having benefitted from good levels of humidity during the season. In contrast, last year's harvest delivered only 35.1 million tons.

The corn harvest is accelerating too, though it is still significantly delayed due to previous rains. The sowing of wheat in damp fields was also delayed, though there was a good climate in July when the plants traditionally begin to grow, which would deliver a better crop than expected.

The stock market currently foresees a record of 20.6 million tons of wheat.

- BLOOMBERG