At the weekend rain fell in Argentina's grain belt. The soils, which have been too dry for weeks, profit from this and the growth of soybeans and corn starts again.
Argentina is the No. 1 in the world ranking for soybean exports and the No. 3 in the maize sport.
However, the rainfall is not enough to ensure high yields, experts of the grain exchange in Buenos Aires.
Last Tuesday, the USDA left its Argentine soybean crop estimate unchanged at 57 million tonnes. The next corn harvest is still estimated at 42 million tons.
According to the Institute for Climate Research, 60% of Argentine farm furniture has been getting enough rain for the time being. Last week, employees of the Buenos Aires Grains Exchange said that soybean land would be reduced in the country because farmers did not want to sow in the dried-up soil. Previously, 18.1 million hectares had been cultivated, of which 1.1 million tons were sown the week before.
Until next weekend, another storm low over the local farmbelt is expected.
Text: HANSA Derivatives Trading GmbH /
