BUENOS AIRES, Nov 5 (Reuters) - Recent rains in Argentina gave a boost to the start of soybean planting for the 2020/21 cycle, the Buenos Aires Grains Exchange said on Thursday, with a forecast of 17.2 million hectares of planting area for the season.
The planting area is expected to exceed last season by 100,000 hectares. The exchange, however, expects a smaller harvest of 46.5 million tonnes compared to 49 million in the 2019/20 season due to previous drier conditions caused by a weak La Niña weather system.
Farmers in Argentina, the world's top exporter of processed soy and the third largest supplier of unprocessed soybeans, are badly in need of rainfall after an extremely dry winter in several agricultural regions.
"Despite an important initial advance driven by the rainfall of the week prior to this publication, these regions await future rains that provide fluidity to planting," the grains exchange said in its weekly report, noting that 4.1% of the planting area had been seeded.
The recent rains also allowed corn planting to resume where it had been too dry previously, the exchange said. Farmers have planted 30.9% of the 6.3 million hectares planned for the current corn season. The exchange has also held steady its harvest projection for wheat at 16.8 million tonnes. (Reporting by Maximilian Heath; writing by Cassandra Garrison; Editing by Aurora Ellis)
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