The Buenos Aires Cereal Exchange (BCBA) said this week that it could cut its forecast for the 2019/20 corn crop in Argentina, currently 50 million tons, due to lower than expected cereal yields as it progresses. harvesting the crop.
Argentina’s crops were affected by a heat wave accompanied by a low level of rainfall between the end of February and the beginning of March, which has already forced the Stock Exchange to cut its forecast for the soybean harvest, although so far it had maintained its forecasts for corn.
However, the entity said in its weekly report on crops that, with 26.3% of the 6.3 million hectares dedicated to cereal already harvested, in northern Argentina the yields of the plots planted late showed the effects of the adverse weather of the last months.
“The yield expectations of the corn panels destined for commercial grain begin to show the impact of the lack of rains during the critical period. If this trend is confirmed, our current production projection could be modified,” explained the BCBA.
Meanwhile, the Stock Exchange indicated that until Tuesday farmers had collected 16.2% of the area dedicated to 2019/20 soybeans, whose production is estimated at 49.5 million tons, after having cut their harvest forecast for the week passed from 52 million tons.
Argentina is the world’s leading exporter of soybean oil and flour, and the world’s third largest supplier of corn.