South American plantings have increased, thanks to favorable weather, according to government agencies.
Rainfall in Argentina has replenished moisture throughout most of the country’s farmland and spurred soybean plantings, now 75.8 percent complete nationwide, according to the Buenos Aires Grain Exchange.
The rains also pushed forward corn plantings that had been delayed by dryness, and are now 63 percent complete nationwide, the government grain agency said.
Corn plantings will jump by 27 percent with more than 1 million additional hectares to 4.9 million hectares, it said.
Some of the additional corn plantings will come from a switch to corn from soybean hectares, which will decrease by 2.4 percent decrease, with soybean plantings totaling 19.6 million hectares, it said.
Argentina’s wheat harvest is 72.9 percent complete, at 9.5 MT, and is expected to increase 35 percent over last year, according to the grain exchange and Argentina’s Agriculture Ministry.
With the world’s cheapest wheat, Argentina could take market share away from the U.S. and Russia in Egypt and Algeria, according to analysts cited in news reports. Egypt is the world’s largest importer of wheat.
Wheat has been harvested in Cordoba and southeastern Buenos Aires provinces. However, yields in southeastern Buenos Aires were lower than expected because of water stress and late frosts, the grain agency reported.
Meanwhile, in Brazil’s state of Rio Grande do Sul, wheat production has outpaced last year's harvest by 72.6 percent and is expected to reach 2.4 million tons, according to the latest survey, Globo Rural magazine, of Rio de Janeiro, reported. South American weather woes devastated last year’s harvest.