Argentina's soybean harvest ends at five-year record
BUENOS AIRES, July 4 (Reuters) -The Argentine 2023/24 soybean season ended with a final harvest of 50.5 million tons, the highest volume recorded in the last five years, the Buenos Aires Grain Exchange said on Thursday, even after a severe summer heat wave dried crops.
The exchange had initially anticipated a crop of 52.5 million tons.
"The soybean harvest is considered finished," the exchange said in a weekly report, adding that the average yield hit 29.9 quintals (2.99 tons) per hectare, representing the second-highest level in the last five seasons.
According to official data, Argentine farmers sold 44.3% of their grain production as of June 26. The government estimates the season's soybean harvest at 49.7 million tons.
The South American country is a top exporter of soybean oil and meal.
Regarding corn, the exchange said farmers have now harvested some 62.9% of the planted area and that it expects the season to yield some 46.5 million tons. In recent days, it added, the core agricultural province of Cordoba has recorded higher yields than expected.
Farmers have meanwhile sown 85.3% of the 6.3 million hectares forecast for the 2024/25 wheat season, the report added.
Reporting by Maximilian Heath in Buenos Aires
Writing by Stéphanie Hamel
Editing by Matthew Lewis
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