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Argentina crops threatened by ongoing drought regardless of recent rains

Recent rains in Argentina's farming heartland have not relieved issues that ongoing dry spell might even more injure crop yields, the Rosario grains exchange stated in a report launched on Monday.

Argentina, a leading exporter of processed soybeans and other grains, has actually been struck by an almost month-long dry spell playing out in the Southern Hemisphere's summer. A current heat wave has intensified concerns for the crops.

While rains fell over the nation's significant farmland last weekend, the grains exchange kept in mind in its weekly crop weather condition report that the precipitation differed widely over the area. It also advised more tracking going forward.

Some analysts argue that the rains arrived far too late to reverse damages brought on by the drought.

Recently, the exchange cut its 2024/25 corn crop forecast to 48 million metric loads due to unfavorable weather, below the 50 million to 51 million lot harvest previously approximated.

It likewise acknowledged that soybean production will fall short of its previous forecast of in between 53 million and 53.5 million tons, but did not supply a new price quote.

(source: Reuters)