Argentina’s Soybean Harvest Delayed by Persistent Rains

By Maximilian Heath

BUENOS AIRES, April 10 (Reuters) – Persistent rainfall in Argentina’s agricultural heartlands is delaying the soybean harvest, with headway slowing under the five-year average, the Buenos Aires Grains Exchange said on Thursday.

Harvesting has been hampered by heavy rains, which have mucked up fields, while crop sales have also slowed as farmers pull back amid uncertainty over the government’s economic policies.

Farmers are pushing the government to slash export taxes on soybean shipments, a vital source of much-needed dollars for the flagging economy, as the local peso currency wobbles.

Soybean sales have slowed, affected by an uncertainty regarding the evolution of the exchange rate in the country and expectations of tax relief.

Argentina, the world’s top exporter of soybean oil and meal, is expected to harvest 48.6 million metric tons of soybeans this season.

“So far, 2.6% of the national soybean area has been harvested, down 8 percentage points from the same period last year and 4 points below the five-season average,” the exchange said in its weekly crop report.

Recent rains have also affected the corn harvest, though progress remains in line with last year’s pace.

According to the exchange, farmers have harvested 23.1% of corn fields, with production forecast at 49 million tons.

Early frosts were reported last week in the west of Buenos Aires province. The exchange said the impact on crops was uneven, and that it was assessing the damage to soy and corn.

(Reporting by Maximilian Heath; Editing by Sandra Maler)