The Buenos Aires grains exchange on Thursday left its forecasts unchanged for the 2023/24 corn and soybean harvest, halting a series of cuts in its estimates as recent rains provided relief to crops.
The grains exchange kept at 52.5 million metric tons its forecast for the soybean harvest, while corn estimates remained at 56.5 million tons.
Some 72.2% of the country’s soy crops benefited from “adequate/optimal” conditions, up 5.4 percentage points from the previous report by the exchange.
Agricultural powerhouse Argentina is one of world’s largest exporters of processed soybeans, as well as a major corn and wheat supplier.
The first corn crops planted were hurt by a heat wavethat ranfrom January and through the beginning ofFebruary, but corn planted after the heat wavebenefited from the rains.