Argentina’s soybean crop forecasts increase to 53.1 million tons on favourable moisture conditions
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Last years 2018/19 harvest was affected by a cruel drought which with along a very strong US dollar, damaged the Argentine economy, making it easier for the left-wing Peronist/Kirchner government to return to power. This year it is a normal harvest but too late to help the struggling economy.
Argentina’s soybean harvest for the 2019/20 season is forecast at 53.1 million tonnes, the Buenos Aires grains exchange said last week, an improvement from a prediction it made towards the end of last year.
The forecast is above the 51 million tonnes estimated in October. Argentina is a major soy exporter and the world’s top seller of the processed beans as soy oil and meal.
Favourable soil moisture levels in main planting areas were behind the increased forecast, the exchange said in a report. Argentina’s soybean planting for the season was completed earlier this month.
“Currently, much of the area is going through critical stages for the generation of yield, with adequate and optimal water conditions,” the exchange said, pointing to decent rainfall during the month of January.
Farmers last week finished planting 17.4 million hectares dedicated to the oilseed, it added.
The exchange said that around 97% of corn planting was also complete with the forecast area unchanged at 6.3 million hectares. It said conditions for the crop also remained good.
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