Dryness exacerbates the situation with soybeans in the Argentine province of Buenos Aires. According to recent weather forecasts, it should remain too dry there in the coming days.
The dryness in Argentine breadbasket, the region of Argentina where intensive agriculture is practiced, is causing prices of soybeans and other oilseeds to rise on the international futures markets. Argentina is the world's largest exporter of soybean meal and No. 3 among the largest exporters of corn and soybeans.
In some areas of the province of Buenos Aires, it had not rained at all during the weekend. In the coming days, the rainfall here should not be rich enough to change the situation.
Until the end of last week, farmers in Argentina had ordered 82% of their planned arable land with soybeans, according to the grain exchange in Buenos Aires. Whether the remaining areas are still ordered with soybeans is open, because all beans that are planted there in January or later, no longer bring optimal yields.
So far, the stock market estimates the soybean harvest 2017/18 at 54.5 million tons.The provinces of southwestern Buenos Aires and La Pampa are hardest hit.
Text: HANSA Derivatives Trading GmbH /
