The exchange reduced its forecast as planting of this year’s crop reached 99 percent completion, it said in a weekly report e-mailed today. Heavy rain this week boosts prospects for recently planted crops, the exchange said.
Farmers in the Pampas will continue to receive moderate rain through Feb. 16 after storms replenished soil humidity in most rural areas, the exchange said in a separately issued weather report today.
The exchange also reiterated a soybean harvest forecast of 46.2 million metric tons.
A drought in Argentina and neighboring Brazil means global stockpiles of the grain and oilseed will be smaller than estimated before the next Northern Hemisphere harvests, the U.S. Department of Agriculture said in a report today. Argentina will harvest 22 million tons of corn, down from 26 million estimated in January, the USDA said.
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