3 million tonnes of Argentine soybeans in danger?
According to releases from Argentina, the continuing rains should lead to considerable losses in the harvestable soybeans. On the particularly vulnerable locations in Fanta Fe and Entre Rios floods have already occurred or are still to come.
On the higher elevation sites , the high humidity has meant that the beans have already sprouted and thus lost a considerable part of their value. Disease spreads.
The prospects for a drier crop period are not particularly cheap for some time. The rain should stop at least until the next week.
According to first estimates , estimated 2 to 3 million tonnes bean losses should be created. This year, with 59 million tons last crop estimate could drop slightly to 56 million tons. Pessimists expect further losses in continuation of the rains. Earlier estimates by 60 million tonnes have moved far away.
High harvest expectations were the result of sufficient rainfall in the previous growing season. Now at the beginning of the ripening and harvest time, dry weather is needed.
Around 15% of Argentine soybeans are only harvested as compared to 50% in the previous year. The delays have also adverse effects on the further transport and processing.
The exchanges have the courses in the soy complex vigorously upwards knocked out. However, other reasons such as the crude oil price and the exchange rates will play a role.
