South America Calling

Rain Hampers Argentine Soy Planting

Rain hampered soybean-planting efforts in Argentina over the past week.

However, field work still moved forward by 12 percentage points to reach 43% complete as of Thursday, according to the Buenos Aires Cereals Exchange.

Progress in planting the estimated 48.9 million acres is 1.6 points behind last year.

According to exchange analysts, there has been renewed interest in planting soybean in the northern provinces, which if confirmed could prompt an increase in projected area.

Planting moved forward quickest in central parts of the grain belt and early planted beans in the center and south are in "very good condition."

Second-crop soy planting is just starting in center-north Cordoba and Santa Fe.

Corn planting slowed as first-crop planting draws to a close in the south. Around 39% of the projected 6.7 million acres of corn is in the ground.

Planting is 20% down on last year as farmers opted to soybeans as a defensive play ahead of the presidential elections.

According to the exchange, hailstorms did damage some early planted corn in central regions.

Wheat harvesting moved forward in the south by 6 points to 20% complete with average yields of 20.9 bushels per acre. However, key regions in the south of Buenos Aires state and surrounding areas have yet to start.

The exchange pegs local production at 9.5 million metric tons, down 19% on the year before.



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