(Updates with temperatures in third paragraph, futures prices in fifth paragraph.)
Feb. 2 (Bloomberg) -- Argentina’s main corn- and soybean- growing regions are forecast to receive significant rainfall during the next week, providing relief from a drought caused by the La Nina weather pattern.
As much as 150 millimeters (5.9 inches) may fall in northern and central producing regions, with “scarce” rain of as much as 10 millimeters in the southern areas, the Buenos Aires Cereals Exchange said in its weekly climate report today.
Corn in Argentina, the world’s second-biggest exporter of the grain, needs rain after months of dry weather destroyed some of the sowed crop. Temperatures will rise above 35 degrees Celsius (95 degrees Fahrenheit) through Feb. 9, the exchange said. La Nina has also hurt crops in Brazil and Mexico.
Rain earlier this week caused flooding in Argentina’s northern Cordoba province and in parts of Buenos Aires. Corn planting in Argentina begins in August and harvesting starts in February, while soybean sowing runs from September with harvesting beginning in February.
Corn for March delivery fell 1 percent to $6.3575 a bushel at 7:15 a.m. on the Chicago Board of Trade, while soybeans for March delivery declined 0.7 percent to $12.07 a bushel.
The U.S. is the world’s biggest corn exporter. Argentina is the third-largest soybean exporter after the U.S. and Brazil.
--Editors: Robin Saponar, Tina Davis
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