Argentina soy crop estimate cut

BUENOS AIRES (Reuters) – Argentine farmers are expected to harvest 51 million tonnes of soy in the 2017-18 season, the Buenos Aires Grains Exchange said in its weekly crop report on Thursday, citing drought as the reason for cutting a preliminary estimate of 54 million tonnes.

“Many implanted areas are at critical yield-setting stages and are suffering from adverse conditions,” the report said.

“Short-term weather forecasts indicate no relief for areas suffering from dryness, which is why the crop estimate is reduced to 51 million tonnes,” it added.

In the 2016-17 season Argentine produced 57.5 million tonnes of soybeans, according to exchange data.

Yield damage to early-planted soy and corn in Argentina has already been caused by three consecutive months of hot, dry weather, leaving growers to hope that rains expected in late February will relieve more recently planted fields.

Argentina is the world’s No. 3 exporter of both crops and the drought has put upward pressure on global prices.

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