Argentina's Rosario Grains Exchange slashed 14% off its forecast for the country's soy crop on Thursday, saying a drought now in its fourth month would limit the harvest to 40 million tons versus its previous estimate of 46.5 million. Argentina has been suffering dry weather since last November.Add your comment!
A prolonged drought wreaking havoc on Argentina's soybean and corn crops could threaten the country's economic performance in 2018, an official said, as the country seeks to grow for a second straight year after several years of biting recession.
The lack of rain triggered by the La Nina weather phenomenon has prompted the Rosario Exchange to cut its forecast of Argentina’s 2017/2018 corn and soybean crop by 12% and 10%, respectively, making it one of the most bearish analysts in the market.
Argentine farmers have agreed to pay perpetual royalties when they replant genetically modified seeds made by companies like Monsanto Co, a deal that could allow farmers access to the newest biotechnology.
The U.S. Department of Agriculture sees U.S. corn and soybean exports generally increasing over the coming decade but the U.S. share of global sales will shrink as competition from South American producers heats up, the government said in its annual report.
Brazil's 2017/18 soybean crop is expected to reach 115.6 million tons, a record volume, 1.2% above the previous record last year of 114.2 million tons, according to an updated forecast from consultancy Safras & Mercado.
The drought in Argentina continues in several regions and has generated a delay of planting for the 2017-18 season. A report authored by the institution AgroEducación indicated that La Niña, though subtle, already impacts the region with temperatures above normal and scarce rains.
Argentina's bread-basket province of Buenos Aires will remain mostly dry over the days ahead, meteorologists said on Tuesday, after reporting scant rains over the weekend in the country's biggest and most productive farm area.
Over almost two decades, a plant disease known as Asian rust has infiltrated soybean fields across Brazil -- the world’s biggest exporter of the versatile oilseed used in countless consumer products. But the pathogen has become so resistant to chemicals meant to kill it that many farmers spray several times during their growing seasons, and still endure output losses.
U.S. seeds company Monsanto Co is confident Brazilian courts will uphold its Intacta RR2 PRO soy seed patent despite a challenge from grain growers in the state of Mato Grosso, the company’s chief of South American operations said this week.