Argentina is set for a corn and soy "super harvest" with production forecasts likely to keep climbing, a senior analyst at the Rosario grains exchange told Reuters, a major boost to the embattled grains-producing South America country.
Cristian Russo, head of agricultural estimates at the Rosario grains exchange, said that both corn and soy had "very good chances" of topping the body's current harvest forecasts of 59 million metric tonnes and 52 million tonnes respectively.
"Argentina is on course for a 'super harvest' of both corn and soybeans," said Russo, citing good rains that the country's farming regions have been receiving for months, a relief after the previous season was hammered by drought.
"Week after week we keep getting water," he added, saying that corn had a very good chance of posting a record harvest that could even top 60 million tonnes.
The bumper crop is positive news for the country that is battling its worst economic crisis in decades, with the government trying to rebuild depleted state coffers after the previous harvest was hit by a historic drought.
Argentina is usually the world's top exporter of processed soy oil and meal - its main cash crop - and is the No. 3 for corn. However, it lost its soy crown last year to neighbouring producer Brazil after its crop was cut in half by drought.
With the far better weather this year boosted by strong rainfall due to the El Niño climate trend, the Rosario exchange last week hiked its 2023/24 soy estimate by 2 million tonnes.
Argentina's corn and soybeans sowing is finishing, and most plants are going through important growth phases with good levels of humidity in the soil and without extreme heat.
According to the latest weather report from the Rosario exchange, published on Tuesday, storms over the core farming zone have dropped significant rains, with between 20-50 millimeters over the last 24 hours and more expected.