Buenos Aires | Reuters — Argentina’s current wheat crop benefited from significant rainfall that fell over southern parts of the country’s agricultural area at the weekend, the Rosario Grains Exchange (BCR) said in a report on Monday.
Agricultural powerhouse Argentina is a major global supplier of wheat and corn, as well as of processed soybeans.
October overall saw abundant precipitation over the South American nation’s main grains-growing area. However, southern portions of Buenos Aires province farmland were drier until last weekend. They now show improved soil moisture levels.
Read Also
U.S. livestock: Cattle extend gains on improving cash prices, packer demand
Reuters — Chicago Mercantile Exchange live cattle futures set a three-week high and feeder cattle hit their highest level in…
“We are seeing that the rains have helped a region that had been left out,” said Cristian Russo, the head of the BCR’s crop forecasts unit, in the report.
He cited “very good” rainfall benefiting wheat in particular, noting that parts of Buenos Aires province saw up to 2.7 inches (70 millimeters) of rainfall.
The 2024/25 wheat harvesting season begins this month and is expected to yield 19.5 million metric tons, according to the BCR’s latest forecast.
The recent rainfall is also expected to boost soybean and corn plantings in the 2024/25 cycle, according to the report.
— Reporting by Maximilian Heath
