Expected rains in Argentina seen helping soy, corn crops, grains exchange says

Credit: REUTERS/Staff Photographer

BUENOS AIRES, Feb 21 (Reuters) - Expected rainfall over the next few days in Argentina's Pampas region will likely boost the 2023/24 soybean and corn crops, though the precipitation is seen falling largely in the north of the country's main farmland, according to a report on Wednesday.

The climate report from the Buenos Aires grains exchange (BdeC) pointed to "moderate to abundant" rains of around 25 to 100 millimeters (1-4 inches) expected over the northern Pampas region as well as northern parts of Argentina's Mesopotamia region, around the provinces of Misiones and Corrientes.

Along southern areas of the country's top-producing farmland, moderate to scarce rainfall is forecast, the BdeC report said, but it was unlikely to exceed 25 millimeters.

Agricultural powerhouse Argentina is one of world's largest exporters of processed soybeans, as well as a major corn and wheat supplier. Precipitation during the southern hemisphere's summer is key to the crops' development.

Heavy rains in early February were credited with staunching damage to the current soybean and corn crops after a period of dry and hot weather in January had threatened the expected bumper crops of both grains.

The 2023/24 cycle is expected to yield 52.5 million metric tons of soybeans and 56.5 million tons of corn, according to BdeC estimates, with harvesting set to kick off from April.

(Reporting by Maximilian Heath Editing by Bill Berkrot)

((david.aliregarcia@thomsonreuters.com; +52 55 5282 7151; Reuters Messaging: david.aliregarcia.thomsonreuters.com@reuters.net))

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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