Argentina's soy harvest has progressed at a brisk pace over recent days, showing excellent yields that could push the crop higher than the currently forecast 53 million tons, the Buenos Aires Grains Exchange said in a report last week.
Average yields were running higher than 4.3 tons per hectare in the central Pampas farm belt, the crop report said.
Soy harvesting advanced fluidly in the central agricultural region, elevating average national yields and allowing for the rapid collection of 5 million tons of beans, the report said.
Under this scenario we keep our forecast of a 53 million ton harvest unchanged. But we do not discount the possibility of increasing our estimate, depending on yields collected over the weeks ahead, it said, adding that 6.4% of the country's soy planting area had been harvested as of last week.
The Rosario grains exchange last month increased its 2018/19 soy crop estimate to 54 million tons from a previous forecast of 52 million tons.