Buenos Aires exchange holds grains estimates as rains bring relief to crops

Credit: REUTERS/AGUSTIN MARCARIAN

BUENOS AIRES, Feb 29 (Reuters) - The Buenos Aires grains exchange on Thursday left its forecasts unchanged for the 2023/24 corn and soybean harvest, halting a series of cuts in its estimates as recent rains provided relief to crops.

The grains exchange kept at 52.5 million metric tons its forecast for the soybean harvest, while corn estimates remained at 56.5 million tons.

Some 72.2% of the country's soy crops benefited from "adequate/optimal" conditions, up 5.4 percentage points from the previous report by the exchange.

Agricultural powerhouse Argentina is one of world's largest exporters of processed soybeans, as well as a major corn and wheat supplier.

The first corn crops planted were hurt by a heat wave that ran from January and through the beginning of February, but corn planted after the heat wave benefited from the rains. (Reporting by Maximilian Heath; Editing by Sandra Maler) ((anthony.esposito@tr.com; +5255 5282 7140)) Keywords: ARGENTINA GRAINS/WEATHER

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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