Rain continued across the key soybean-producing parts of Argentina over the past week, exacerbating the damage caused by the remarkably heavy precipitation since the start of April.
With three-quarters of the crop still in the fields, the excessive rain when the soybeans are already mature, waiting for harvest, has reduced yields and sharply cut quality across large portions of big-producing provinces like Cordoba, Entre Rios and Santa Fe, as well as parts of Buenos Aires.
The rain damage prompted Buenos Aires Cereals Exchange to last week lower its soybean view from 60 million metric tons to 56 mmt, while Rosario Cereals Exchange dropped its figure to 57 mmt.
In a report Thursday, the Buenos Aires exchange reported a loss of one million hectares (2.47 million acres) due to the rain and warned of a serious risk that further losses will be registered.
Rain fell strongest over the last week in central-east Cordoba, central and southern Santa Fe and northern Buenos Aires, which delayed harvesting.
Fieldwork moved forward 7.8 percentage points last week to reach 24.2% complete, said the exchange. That's well back on the 61.8% registered at the same point last year.
The rain during the harvest period is causing rotting pods, sprouting and reduced grain weight, as well as greater losses during harvesting.
Corn has not been that seriously affected by the wet weather because we are in the spell between first- and second-crop harvesting for the most part.
The Buenos Aires exchange maintains its corn-crop forecast at 25.0 mmt.
The good news is that the forecast is for precipitation to be scarce across the grain belt next week.
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