With several fields still under water, there is a delay of 35% on the corn planting progress in Argentina compared to last year, according to the Rosario Board of Trade. As of last week, nearly 57% of the fields had already finished planting, while at this same week of 2016 the progress was at 92%. Nearly 990,000 acres are still flooded in the North of the Buenos Aires province and South of Santa Fe and those are exactly the acres where farms need to plant the grains.
If farmers are still not able to finish planting in the coming weeks, they will have to either plant corn or switch the surface to soybeans. And the bad news is not over yet. Soybeans have high costs in Argentina with export taxes and the moisture tends to bring more pests and weeds.