Recent rains allow Argentina to complete wheat planting in main farmland
BUENOS AIRES, July 25 (Reuters) -Recent rains have allowed Argentine farmers to finish wheat planting for the current harvesting season in the country's agricultural heartland, according to a report from the Buenos Aires grains exchange (BdeC) released on Thursday.
While wheat planting is complete in all major farmland for the 2024/25 cycle, planting over 6.3 million hectares dedicated to the key grains crop nationwide is 98.5% complete, the weekly report from the BdeC showed.
Agricultural powerhouse Argentina is a major global grains supplier, with sales of cash crops including wheat, corn and soybeans all providing crucial income as well as contributing foreign currency reserves to central bank coffers needed to pay down debts and finance imports.
The latest BdeC report noted that rainfall focused mainly on the center and east of the major agricultural area allowed planting to be completed in both the northern and southern centers.
The exchange added, however, that southern wheat-planted areas have been impacted by cold and dry weather recently.
Meanwhile, harvesting of Argentina's 2023/24 corn crop has advanced quickly over the last week, with nearly 87% of some 7.6 million hectares already picked.
Once completed, the corn harvest is expected to yield 46.5 million metric tons, according to the exchange.
Reporting by Maximilian Heath
Editing by Alistair Bell
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
