Argentina corn, soybean outlooks downgraded on rain: BAGE

Argentina’s 2020/21 corn and soybean crop is expected to suffer as a result of limited rainfall during the planting season toward the end of last year and into January, the Buenos Airies Grain Exchange (BAGE) said in its weekly update Thursday.

Corn production is now expected to hit 45 million mt, down 1 million mt from the agency’s previous estimate with soybean production now expected to come in at 44 million mt, down 2 million mt.

In addition, uneven rainfall throughout February has further impacted soybean and corn production.

For soybeans, expectations are that yields will come in below historical averages, with the corn harvest, now well underway, hitting 3.4% of the projected area, up 1.5 percentage points on the week.

Drier weather in March has raised concerns about the amount of the crop rated normal-to-excellent.