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. It 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. The Buenos Aires grains exchange agreed with the weather outlook in a report on Thursday, but said that while rains had helped stem crop deterioration they had not yet fully reversed the water scarcity issue and the impact of the drought.
"Rains are improving the situation, but large areas still have conditions between fair and dry," it said, adding though that "abundant rainfall will continue to recharge the corn fields on the west, center and south of the farming region."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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