Argentina Cuts Soy, Corn Production Forecasts Amid Drought, Heat
Buenos Aires, Jan 23 (Reuters) - Argentina's Buenos Aires Grains Exchange on Thursday reduced its forecast for the country's soy and corn production by 1 million tonnes each due to scant rainfall and high temperatures.
The adverse weather has hit the South American country, a major global grains exporter, in recent weeks, prompting the exchange to estimate the 2024/25 soy harvest at 49.6 million tonnes and the corn crop of the same cycle at 49 million.
"The continued lack of moisture and high temperatures, mainly in the Southern Core and Central-Eastern Entre Rios, have impacted the potential soybean yield," the exchange said in its weekly crop report.
Argentine farmers have so far sown 99.2% of the 18.4 million hectares intended for soy and 98.3% of the estimated area for the 2024/25 corn crop.
In addition, the wheat harvest of the same season reached 18.6 million tonnes, according to the Grains Exchange.
(Reporting by Nicolas Misculin; Editing by Walter Bianchi)