BUENOS AIRES (Reuters) – Significant rainfall that doused Argentina’s agricultural heartland over the past three days brought much needed relief, the Rosario stock exchange said on Monday, noting drought conditions over some 90% of farmland prior to the recent precipitation.
Argentina is a top global grains exporter, but last season’s historic drought slashed shipments while creating a major headache for both farmers and the cash-strapped government, which depends on the industry for foreign currency reserves.
The latest dry spell caused the local stock exchange to lower expected yields from the 2023/2024 wheat harvest to 14.3 million metric tons while also warning about delays for sowing the 2023/2024 corn crop.
The Rosario exchange said the 72 hours of rainfall over the past weekend ranged from between 25 millimeters (1 inch) and 90mm (3.5 inches), calling the moisture an “inflection point” that offers hope for a better harvest.
(Reporting by Maximilian Heath; Editing by Bill Berkrot)
