Drought in Argentina reduces soybean and corn harvest potential

A prolonged drought in Argentina is negatively affecting corn and soybean crops. Local farmers report that corn leaves, usually still green at this time, are already starting to turn yellow. Both Argentine stock exchanges have lowered their crop forecasts, although local farmers believe that the real situation may be even more complicated, since the actual harvest will largely depend on when the rains begin. Experts at the Buenos Aires Grain Exchange have lowered their forecast for this year’s soybean harvest to 49.6 million tons and corn to 49 million tons, while last year they were 50.2 million tons and 49.5 million tons, respectively. Exchange analyst Eduardo Sierra believes that if there is sufficient rainfall in the near future, farmers will be able to harvest 45 million tons of each crop. However, each week without rain leads to the loss of at least 5 million tons of potential harvest, so in the absence of significant rainfall, the final soybean and corn harvest could be ...