Parched Argentine crops feel relief from rains - grains exchange
Rewrites with second report on recent rains
BUENOS AIRES, Jan 26 (Reuters) -Recent rains have brought badly needed relief to much of Argentina's parched agricultural land, the Buenos Aires Grains exchange said on Thursday, with coming rains expected to further help farmers in the planting stage amid a historic drought.
Precipitation in the past week over Argentina's central agricultural area has prevented any new cuts to the South American country's soy and corn harvests, the exchange said in a report.
Months of drought have delayed planting and forced cuts to projected harvests in the South American country, which is the world's largest exporter of processed soy and third-largest corn exporter.
Corn planting has advanced to 94% of an expected area of 7.1 hectares, while soybean planting advanced to 98.8% of the 16.2 hectare area forecast by the exchange, it added.
The good news for farmers comes a week after the exchange cut its corn harvest forecast to 44.5 million tonnes, down from 50 million tonnes seen last September.
Earlier Thursday, the grains exchange said a coming storm front is expected to further relief to farmers.
"Most of the Argentine agricultural area, a large part of the Uruguayan agricultural area and most of Paraguay will register moderate to very abundant rainfall (10 to 75 mm), with pockets receiving little rain," said the exchange in its weekly climate report.
It added the Chaco region and the eastern side of the Buenos Aires province would likely see little rain.
Polar winds are also expected to blow through the country, the exchange said, and Argentina's mountainous areas and the southeast of Buenos Aires could see a light frost.
Reporting by Eliana Raszewski and Brendan O'Boyle; Writing by Kylie Madry and Brendan O'Boyle; Editing by Tomasz Janowski and Alistair Bell
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.