(Adds soybean planting progress in fourth paragraph.)
Oct. 27 (Bloomberg) -- The Buenos Aires Cereals Exchange boosted its estimate for this year’s Argentine corn crop after October rains improved soil humidity.
Farmers will plant corn over 3.74 million hectares (9.24 million acres), more than the previous estimate of 3.5 million hectares, the exchange said today in an e-mailed report. Planting was 55 percent complete as of yesterday, advancing 12.1 percentage points in the week.
This season’s crop will be 9.4 percent larger than a year ago when farmers planted 3.42 million hectares. Farmers harvested 22.1 million metric tons in the previous crop.
Argentina is the world’s second-largest corn exporter behind the U.S.
Soybean planting accelerated 6.2 percentage points. The soybean crop in Argentina, the world’s third-largest exporter, will increase 0.5 percent this season from a year ago, the exchange said Oct. 20.
--Editors: Dale Crofts, Jessica Resnick-Ault
To contact the reporter responsible on this story: Matthew Craze at firstname.lastname@example.org
To contact the editor responsible for this story: Dale Crofts at email@example.com