Argentinians have their eyes glued to the skies, as they wait to see if rains this week will help with the dramatic soy losses they’ve experienced due to the drought. Forecasters have predicted that the drought has slashed yields by as much as 20% and that as much as 30% of the corn crop has been eliminated in the global food supply.
Now, the expected storms should be hitting the agricultural area on Wednesday, and bringing much needed relief with them.
Tomas Parenti, an agronomist with the Rosaria grains exchange said,
"There will be irreversible losses to soy planted in marginal growing areas such as western Buenos Aires province, where soils started the season with a moisture deficit.”
He continued, "Corn in the main grains belt has been hit even harder because plants were trying to flower in December and early January, at the height of the drought. So even if we get hard rains we are hoping for on Wednesday, they will not help the corn that has already been lost."
The soymeal loss is no laughing matter. Argentina is the supplier for almost half of the entire world’s soymeal, and this meal is used for feeding animals and for cooking, among other things. South American country also offers up 12% of the soybean exports in the world, which is a vital source of protein for hungry people.
