Excellent weather and good early yields prompted the Buenos Aires Cereals Exchange to raise its Argentine soybean crop view by two million metric tons to 60 mmt.
As a result, production is seen nearing the record 60.8 mmt registered last year.
As a whole, yields across central parts of the grain belt will be a bit lower than the records set last year but remain above historical averages.
In the north of the country, as well as in the key provinces of Buenos Aires and La Pampa, yields will be higher than last year.
Dry conditions allowed soybean harvesting to move forward swiftly across the central agricultural regions last week. Area harvested rose 6.6 percentage points to 7.6% complete, marginally ahead of last year, said the exchange.
Average yields so far are around 56 bushels per acre.
As is habitual, harvesting has begun first in the north. In the northern nucleus region, fieldwork is 22.4% complete with average yields of 58 bpa registered.
Corn is also looking in good shape with the exchange forecasting a crop of 25 mmt. With the harvest progressing in Cordoba, Buenos Aires, Entre Rios and Santa Fe, yields are stabilizing at high levels.
As of Thursday, harvesting was 12.9% complete with average yields of 139 bpa.
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