Argentina's farmers will harvest around 52 million tonnes of soybeans during the 2017/18 season. That just announced the Rosario Grains Exchange. The estimate in December was still 54.5 million tonnes. The dryness during the sowing period is mentioned as a reason.
Therefore, the acreage is now estimated at 18.5 million hectares (previously 18.8 million ha). As far as 1.5 million acres are not ordered with beans, a Tel of it is still being processed when it finally rain would. However, the time window for good returns is becoming ever narrower.
The stock market also lowered its estimate for the corn harvest 2017/18 from 41.5 million tons to now 39.9 million tons. Again, the strongest growing regions are particularly affected by drought.
Text: HANSA Derivatives Trading GmbH /
