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By Nicolas Misculin
BUENOS AIRES, Jan 23 (Reuters) – The Buenos Aires Grains Exchange announced cuts to estimated yields for Argentina’s soybean and corn crops by 1 million metric tons each, citing hot weather and insufficient rainfall, according to a statement released on Thursday.
The new forecast for the 2024/25 soybean crop is for 49.6 million tons, while the same season’s corn crop is expected to come in at 49 million tons.
A weekly crop report from the exchange blamed high temperatures and an ongoing lack of humidity mainly in southern farmland as well as central-eastern areas in Entre Rios province for the hit to the soybean harvest.
To date, farmers have completed planting nearly all farmland set aside for soybeans and corn, or 99.2% and 98.3%, respectively.
The exchange report also noted that the 2024/25 wheat harvest totaled 18.6 million tons.
(Reporting by Nicolas Misculin; Editing by David Alire Garcia)
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