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The Buenos Aires Grains Exchange in Argentina raised its forecast for the 2024/2025 soybean crop on Thursday to 50 million metric tonnes, up from a previous estimate of 48.6 million tonnes, noting that yields had come in better than expected.
Argentina is the world's largest supplier of soybean oil and soybean meal.
In its weekly crop report, the exchange said Argentine farmers had now harvested around half of the early-planted soybean crop, reporting higher-than-expected yields in the country's key farming regions, including Córdoba province.
Soybean crops planted later in the season, which have only recently begun to be harvested, have also shown strong results that have exceeded expectations so far.
Harvesting progressed at a good pace thanks to dry weather at the end of last week, with 44.9% of the total planted area of 18.4 million hectares nationwide now harvested.
However, heavy rains since the start of this week have hampered harvesting operations, and meteorologist Germán Heinzenknecht warned that delays could persist until Saturday.
The exchange added that the 2024/2025 corn crop is also showing higher-than-expected yields, but it kept its forecast unchanged at 49 million tonnes.
So far, 34.9% of the area planted with corn has been harvested in Argentina, which is the world's third-largest exporter of the staple grain.
Source: Reuters