Argentina rains cap crop losses from drought, weather experts say

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Argentina, a major grains exporter, is set for further abundant rains in the coming days and a likely near-average month of precipitation ahead, weather experts said, which should cap recent crop losses from an extended drought since December.

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The long spell of dry weather, brought to end by rains arriving earlier this week, had led the Rosario grains exchange to slash its forecasts for corn and soy harvests.Argentina relies heavily on farm exports for foreign currency and is currently locked in talks with the International Monetary Fund to revamp more than $40 billion of debts it cannot pay and needs to bolster reserves and reduce its fiscal deficit.

"There was a change in the dynamic and that change means we won't have to make a similar cut in the near future in Argentina and the situation will probably not get worse," he said, adding though that he did not expect losses to be recovered. Germán Heinzenknecht, meteorologist at the Applied Climatology Consultancy, said the impact of the current La Nina would likely fade over the next month, a key period for the development of soy, with rains only slightly below average.

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