After plentiful January rainfall that saved Argentine corn and soybeans from potential disaster, this month is on pace to be the country's second-driest February in more than three decades, once again raising harvest concerns.
The prospects for Argentine soy yields have improved in Cordoba and Santa Fe provinces, the Buenos Aires Grains Exchange said in its weekly report on Thursday.
(Adds Buenos Aires Grains Exchange weekly report)
BUENOS AIRES, Feb 11 (Reuters) - Abundant rains in recent weeks in Argentina have lifted forecasts for soybean and corn harvests, according to a revised outlook by the Rosario grains exchange, a major boost for the grains producer amid a global food price rally.
The exchange raised its forecast for the 2020/21 soybean harvest to 49 million tonnes, versus 47 million previously, and for corn to 48.5 million tonnes from 46 million earlier, when dry conditions had raised concerns over crops.
The exchange said in the monthly report sent to Reuters early on Thursday that the rains in recent weeks had been a “turning point” in the season and banished any fears about a repeat of the 2018 drought that caused heavy crop losses.
2/7/2021 Soybeans up for 3 out of 4 sessions on strong Chinese
demand Corn futures near 7-1/2 year high, wheat gains more ground
(Adds quote in paragraph 3-4, fund positioning; updates prices)
By Naveen Thukral
SINGAPORE, Feb 8 (Reuters) - Chicago soybean futures rose on
Monday, gaining for three out of four sessions, boosted by
expectations of strong demand led by top buyer China.
Corn edged close to a seven-and-a-half-year high, while
wheat rose for a second session. Chinese demand is the big story in grains and oilseeds
which has been supporting prices, said Phin Ziebell,
agribusiness economist at National Australia Bank in Melbourne.
CANBERRA, Feb 8 (Reuters) - U.S. corn futures edged up on Monday, as strong demand from China pushed prices towards a more than 7-1/2-year high.FUNDAMENTALS The most-active corn futures on the Chicago Board Of Trade were up 0.3% at $5.50 a bushel by 0140 GMT. Corn rose 0.3% on Friday and hit a June 2013 high of $5.58 a bushel last week. The most-active soybean futures were up 0.3% at $13.70-1/4 a bushel, after closing 0.4% lower in the previous session. The most-active wheat futures were up 0.6% at $6.45 a bushel, after ending 0.6% higher on Friday.