Dry weather in Argentina is hitting the outlooks for wheat and corn crops, local climate experts said, while low-cost soy is being supported by growers looking to hedge their bets with political uncertainty rising ahead of October's presidential vote.
Argentina's wheat planting area will rise again in 2019/20, industry experts anticipated, which could mean another bumper harvest after a record wheat crop last season. The area could reach up to 6.9 million hectares, analysts and farmers said, which would be the fourth consecutive increase and a rise from 6.3 million hectares in the 2018/19 season when the country produced a record 19.5 million tons of wheat.