Dry conditions plus the high temperatures could generate soybean losses
A major heatwave is expected to hit Argentina's agricultural region, adding pressure to adverse conditions that its corn and soybean crops were already facing.
Argentina is the world's second-largest corn exporter after the United States, as well as the main global supplier of soybean oil and flour.
A large portion of Argentina has been experiencing dry conditions since mid-December, temperatures soaring with the arrival of summer.
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Temperatures are expected to reach 104 degrees Fahrenheit, prompting the exchange's head agronomist to warn of cutting harvest estimates.
The center of Argentina will become the hottest region in the world for several hours, the Buenos Aires Times reported.
In the next few days, "a prolonged and intense heatwave will begin, which will affect most of the agricultural area. Rainfall will remain low to zero in most of the agricultural area," the Buenos Aires Grains Exchange reported in its weekly agroclimatic report.
The percentage of corn plants in good-to-excellent condition fell from 58 percent to 40 percent, according to a report published on Thursday. The crops in fair-to-bad condition rose from 8 percent to 21 percent the week before.
The report also stated that dry conditions plus the high temperatures could generate soybean losses.