The Argentine Grain Exchange Buenos Aires announced yesterday that it has raised its estimate for the wheat harvest in 2021/22 to 21 million tons thanks to the high yields during the harvest.
The South American country is the seventh largest wheat exporter in the world, the largest exporter of processed soy and number 2 in corn.
The Rosario Grains Exchange increases its estimate to 22.1 million tons.
"The first results (of the harvests) show yields in excess of 4.5 tons per hectare, and if these averages are held they would have a positive effect on our production forecasts," the Buenos Aires Stock Exchange said in a weekly report.
The farmers have already harvested grain on 65% of the 6.6 million hectares.
While good rainfall has helped the wheat, soybeans and maize for the 2021/22 season are currently in the sowing phase and could face a "major challenge" in the coming months, as less than normal rainfall is expected in the southern summer.
In Argentina's central farm belt, very high temperatures are expected in the coming days, followed by moderate to heavy rainfall, the exchange also announced. The stock market recently warned of the effects of the expected drought on production.
The summers of the southern hemisphere hit the center of the La Niña climatic phenomenon, which reduces rainfall in the main growing region.
"Most of the Pampeana region (central farm belt) and most of Uruguay will have maximum temperatures between 35 and 40 degrees Celsius," says their weekly weather report.
The warm period would be followed by rainfall between 10 and 50 millimeters in the region, while parts of the northwest of the country that had not rained for a long time would report more than 100 millimeters, the report said.
Although the La Niña phenomenon has been around for months, key agricultural regions have received good rainfall so far this season. The Buenos Aires Stock Exchange estimates a record corn harvest of 57 million tons and 44 million tons of soybeans.
According to Thursday's harvest report, growers have planted corn in 47.7% of the estimated area, while soybean planting is 64.7% complete.
The South American country is the seventh largest wheat exporter in the world, the largest exporter of processed soy and number 2 in corn.
The Rosario Grains Exchange increases its estimate to 22.1 million tons.
"The first results (of the harvests) show yields in excess of 4.5 tons per hectare, and if these averages are held they would have a positive effect on our production forecasts," the Buenos Aires Stock Exchange said in a weekly report.
The farmers have already harvested grain on 65% of the 6.6 million hectares.
While good rainfall has helped the wheat, soybeans and maize for the 2021/22 season are currently in the sowing phase and could face a "major challenge" in the coming months, as less than normal rainfall is expected in the southern summer.
In Argentina's central farm belt, very high temperatures are expected in the coming days, followed by moderate to heavy rainfall, the exchange also announced. The stock market recently warned of the effects of the expected drought on production.
The summers of the southern hemisphere hit the center of the La Niña climatic phenomenon, which reduces rainfall in the main growing region.
"Most of the Pampeana region (central farm belt) and most of Uruguay will have maximum temperatures between 35 and 40 degrees Celsius," says their weekly weather report.
The warm period would be followed by rainfall between 10 and 50 millimeters in the region, while parts of the northwest of the country that had not rained for a long time would report more than 100 millimeters, the report said.
Although the La Niña phenomenon has been around for months, key agricultural regions have received good rainfall so far this season. The Buenos Aires Stock Exchange estimates a record corn harvest of 57 million tons and 44 million tons of soybeans.
According to Thursday's harvest report, growers have planted corn in 47.7% of the estimated area, while soybean planting is 64.7% complete.
Source
Hansa Terminhandel GmbH