BUENOS AIRES, Feb 18 (Reuters) – Rains and mild weather since the beginning of the month in central Argentina have improved the yield outlook for soybeans for the 2020/21 cycle, the Buenos Aires Cereal Exchange said on Thursday (BdeC), which currently estimates a harvest of 46 million tons of the oilseed.
Until last month, Argentina, the world’s leading exporter of soybean oil and flour, had experienced below-normal rainfall that set off alarms among producers whose batches have entered key stages of development.
“The improvement of the tables implanted in a large part of the provinces of Córdoba, Santa Fe and (in) both nuclei (agricultural) continues. Said regions report expected yields above those projected prior to the rains at the beginning of this month” said the BdeC.
However, the Stock Exchange explained that the climate of the coming weeks will be decisive to maintain the new expectations and that producing regions in the north of the country have a limited water supply.
Last week the Rosario Stock Exchange raised its soybean harvest forecast to 49 million tons and that of corn to 48.5 million tons thanks to recent rainfall.
Regarding the 2020/21 corn, whose harvest the BdeC also estimates at 46 million tons, the Buenos Aires entity said that the rains in recent weeks were favorable for the cereal batches sown late.
(Reporting by Maximilian Heath; Edited by Jorge Otaola)