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April 5, 2017

Wet Weather Delaying Early Harvest Progress in Argentina

Rains over the weekend in the core production regions of Argentina continue to delay the early soybean and corn harvests. The Agribusiness Department (GEA) of the Rosario Stock Exchange (BCR), is reporting that farmers in the core production region of Argentina have only harvested 8% of their 2016/17 soybeans compared to 21% last year at this time. The Buenos Aires Grain Exchange is reporting that nationwide, Argentine farmers have harvested 2% of their soybeans compared to 7.6% last year and 4.5% average.

According to the Buenos Aires Exchange, the corn harvest is also behind last year at 11% compared to 13% in 2016. In the core production regions, the corn is 25-40% harvested with approximately 10% harvested in southern Argentina and 0-5% harvested in northern Argentina. The corn harvest is more advanced in the core production areas because the vast majority of the corn in those regions is early planted corn.

Unfortunately, there is more rainfall in the forecast as another frontal system sweeps across central Argentina in the coming days. The anticipated rain will result in even more harvest delays. In addition to not being able to get the combines in the field, many rural roads will not support heavy grain trucks.

The Rosario Exchange is estimating the 2016/17 Argentine soybean crop at 56.0 million tons which is very similar to the Buenos Aires Exchange which is estimating the crop at 56.5 million tons.

The Buenos Aires Grain Exchange is estimating the 2016/17 Argentine corn crop at 37.0 million tons with a nationwide corn yield of 8,720 kg/ha (134.2 bu/ac). Their nationwide corn yield is up 1.3 bu/ac from last week's report. Corn yields in the core areas are in the range of 93.6 to 100 kg/ha (144 to 154 bu/ac), which is similar to last year's yields

Everyone in Argentina is hoping that the current wet weather will not be a repeat of April 2016 when torrential rains during most of the month resulted to widespread flooding and severe crop losses.