Recent rains douse Argentina's core farmland, more on the way -BCR

October 24, 2023 — 04:46 pm EDT

Written by Maximilian Heath for Reuters ->

BUENOS AIRES, Oct 24 (Reuters) - Argentina's main farmland welcomed an average of 45.5 millimeters (1.8 inches) of rainfall last weekend, the Rosario stock exchange (BCR) said on Tuesday, with more moisture expected over the next few days.

The upbeat forecast should help farmers in the South American agricultural powerhouse a breathe a sigh of relief, after enduring a historic drought last season that added to the cash-strapped government's woes, given the sector's status as the country's largest source of foreign currency reserves.

Scarce rains in recent weeks led to the BCR revising down its expected wheat yield for the 2023/2024 harvesting season to 14.3 million metric tons, while also warning of delays in the sowing of soybeans, Argentina's top crop, during the same cycle.

In a statement, the BCR estimated that more than 30mm (1.2 inches) of rainfall covered 90% of core farmland.

More:
https://www.nasdaq.com/articles/recent-rains-douse-argentinas-core-farmland-more-on-the-way-bcr

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