Rains in Argentina saved the soybean crop

The rains that fell earlier this week provided much-needed relief from drought conditions for more than 60% of Argentina’s current soybean crop, according to a report from the Rosario Grain Exchange (BCR) released late Thursday night.

The exchange characterized this turn of events as the rescue of the country’s main cash crop “from hell”, but emphasized that “the relief has not reached everyone”.

Precipitation allowed the BCR to reduce the estimate from 50% to 30% for early soybeans in normal or poor condition.

Argentina is one of the world’s largest suppliers of processed soybeans, as well as a major exporter of corn and wheat. Proceeds from sales increase the central bank’s foreign exchange reserves.

“These rains have been able to halt the deterioration of crops and the drop in yields,” the report says, but precipitation has not yet fallen in the northeastern areas of farmland.

According to BCR forecasts, the rains there will start next Tuesday and cover a large area, adding that the corn harvest in this American country is also expected to be flying.

The Buenos Aires Grain Exchange forecasts the soybean harvest in the 2024/25 season at 49.6 million tons, and the corn harvest this season at 49 million tons.

Tags: soybean, crop condition, Argentina