Argentina's government cut this season's wheat output forecast, citing three months of heavy rains that started in August and flooded key parts of the Pampas farm belt, the Agriculture Ministry said on Thursday.
The estimate is now 11.1 million tons of wheat in the 2012/13 crop year, down from the government's previous forecast of 11.5 million tons, the ministry said in its monthly crop report.
Yields, up to this point, are low it said, going on to explain that soggy Pampas’ conditions have made wheat plants more vulnerable than usual to pests and fungi-based diseases.
Corn planting area was also marked down to 4.7 million hectares from a previous estimate of 4.97 million, while the country's projected soybean area was kept at 19.35 million hectares.
The Argentine government says the country can produce 55 million to 58 million tons of soybeans this crop year if the weather cooperates.
Rain patterns have normalized in recent weeks after an unusually heavy three-month spate of showers starting in August. But farmers warn that flooding in breadbasket province Buenos Aires will reduce yields compared with early-season estimates.
After what some climate specialists described as an early arrival of the El Niño effect this year, which tends to bring rain to Argentina, Uruguay and southern Brazil, farmers saw their 2012/13 corn and soy planting equipment bog down in mushy top soils.
A recent string of sunny days has helped some growers get sowing back on track. Argentina is the world's No. 3 soybean exporter and second corn supplier after the United States.
The US Department of Agriculture expects Argentina to harvest 55 million tons of soy, 11.5 million tons of wheat and 28 million tons of corn in the current 2012/13 crop year.
Also on Thursday the Buenos Aires Grains Exchange said 36.6% of the 19.7 million hectares it forecasts for soy planting had been sown by Thursday. This marked an advance of 14.6 percentage points during the week while lagging last season's seeding tempo by 9.7 percentage points.
Half of the 3.4 million hectares that the exchange expects to be planted with 2012/13 corn had been sown by Thursday, it said in its weekly crop report, marking progress during the week of 5 percentage points and lagging 2011/12's tempo by 12 points.
The showers that have continued up to the present in the central part of the country are complicating the seeding process in central and western Buenos Aires province the report concludes.
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Wheat down, trade surplus down 50%, steel production down 18%, judiciary victories down 100%, risk index increasing at an increasing rate, likihood of another default rising, likihood of a consure (will further restrict international trade) increasing.Nov 23rd, 2012 - 01:41 pm 0
Asslips needs to do the honorable thing like a Japanese officer in WWII.
@1 Captain PoppyNov 23rd, 2012 - 02:54 pm 0
Well first she'd need to look up the word 'honour', then she'd order Timidman to fall on his own sword.
Personally, it is of benefit to the Falkland Islanders for TMBOA to remain in power.
During her tenure she has done more to ensure that the Falklands will never be Argentinian, by showing the world what bare faced liars she and her government are.
I do, however, have a lot of sympathy for the Argentine people. They've only just started to protest. They need to keep it up, and pressurise TMBOA until she finally gets the message an legs it to her friend Chavez, or until the people themselves finally realise there is only one option...rope is quite cheap, and the lamp posts in the Plaza de Mayo are quite sturdy. A short drop and a sudden stop may send a message to any future leader to look to Argentina's problems instead of lining their own pockets.
The hangmens noose has 13 wraps. Speaking of chubby, I cannot believe he is still alive and forcing his will and his subserviants and allowing Bolivia the join mercosur. At the rate they are going, they might have trouble getting agreements with normal countries.Nov 23rd, 2012 - 03:39 pm 0
They toss the word Democracy around yet they truly have no concept of what it is.