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The planting of Argentina’s 2020/21 soybean campaign has now been completed across the whole 17.2 million ha projected area, gaining one percentage point in the week, according to the latest report from the Buenos Aires Grain Exchange (BAGE).
But owing to a lack of moisture in some key areas of the planted region, the agency has downgraded its production forecast by 500,000 mt to 46 million mt.
“The high temperatures, together with limited water supply compromised growth over the centre of the agricultural area, generating potential yield losses,” the report said.
Elsewhere, the country’s corn crop is now planted on 97.9% of the projected 6.3 million ha area, gaining 4.5 percentage points during the week.
Soy falls most since 2018 amid commodities rout
Bloomberg
Soybean futures ended the week down more than 6 percent, the most in more than two years, as COVID-19 concerns weighed on financial markets and traders awaited further news on the Brazil harvest. Corn and wheat also slid.
Output in the world’s biggest soybean growing country might total 132.4 million tonnes, Agroconsult president Andre Pessoa has said.
While that is down a bit from a estimate in November last year, it would still be an all-time high as moisture shortages ease in the south.
Average yields are higher than last year, and recent conditions have been generally favorable.
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