South America Calling

Argentine Soy Planting Advances Quickly

Favorable weather conditions have allowed Argentine farmers to make quick progress with soybean planting over the last week, according to the Buenos Aires Cereals Exchange.

Fieldwork moved forward 14.4 percentage points to cover 44.8% of the projected area of 50.9 million acres, it said in a weekly report.

However, planting remains 4.1 points behind last year, a delay caused by heavy rains that fell in October and early November and also by the fact that a larger proportion of the crop is being planted after wheat this season.

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Argentina is the world's No. 1 exporter of soymeal and soyoil.

As for corn, the exchange reported farmers had started planting lots of second crop this week, while first crop corn was developing well amid elevated soil moisture levels.

Farmers had planted 41.4% of the corn crop as of Thursday, up 1.2 points on the week before but 1.1% behind last year.

Argentine farmers plant around 40% of their corn in September and October and then plant the rest from late November. The strategy means that only a small portion of the crop is in sensitive development stages in January, a month notorious for dry spells.

Wheat harvesting was 31% complete as of Thursday, said the exchange, with yields in some regions coming in below expectations. The exchange forecasts Argentina will produce 11.5 million metric tons of wheat in 2014-15 but warned that it may have to lower its forecast

(CZ)

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