Argentine corn delivers higher-than-expected yields – exchange
Late-planted corn in Argentina is delivering higher-than-expected yields, with 34.1% of the 2020/21 crop already harvested, the Buenos Aires Grains Exchange said on Thursday.
The South American grains powerhouse is the world’s No. 3 corn exporter.
“The yields of late-planted corn continue to exceed initial expectations, and are even higher than the productivity of early planted corn crops in some regions,” the exchange said in its weekly crop report. Nonetheless, the exchange kept its total 2020/21 harvest forecast unchanged at 46 million tonnes.
The season’s soy crop was 96.6% harvested, the exchange said, leaving its 43.5 million tonne crop estimate unchanged.
The country is the world’s No. 1 supplier of soymeal livestock feed used to fatten poultry and hogs from Europe to Southeast Asia, as well as a major international wheat exporter.
Argentine wheat planting is progressing slowly due to dryness, particularly in northern areas of the country where lack of rain may end up reducing plantings of the 2021/22 crop.
Good rainfall in central Argentina will probably make up for any losses in northern farm areas, the exchange said.
The exchange kept its wheat planting estimate for the season unchanged at 6.5 million hectares.
Source: Reuters (Reporting by Maximilian Heath, writing by Hugh Bronstein Editing by Sonya Hepinstall)