Bloomberg News

Argentine Corn Crop Suffers ‘Irreversible Damage’ on Drought

December 29, 2011

(Updates with exchange comment in second paragraph.)

Dec. 29 (Bloomberg) -- Corn production in Argentina, the world’s second-largest exporter after the U.S., has suffered “irreversible damage” from dry weather in the major producing provinces of Santa Fe and Buenos Aires, the Buenos Aires Cereals Exchange said.

“Most of the crops in the central area are facing unfavorable weather conditions amid a critical stage of development,” the exchange said on its website.

Corn has dropped 3.7 percent in the past month on concern the drought will pare output in South America. Argentine corn growers have completed planting of 80 percent of the crop as of today, from 75 percent a week ago, the exchange said.

Agriculture Minister Julian Dominguez said Nov. 29 that the country would probably produce a record 30 million metric tons of corn in the coming harvest, up from 21 million tons a year earlier.

The country’s soybean crop is 81 percent planted, up from 76 percent a week ago, the exchange said.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at lkassai@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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