WeeklyAgReport

BUENOS AIRES GRAIN E XCHANGE

WEEK ENDED ON NOV. 29, 2012

Referencias: NOA: Salta+Tucumn+Jujuy+Catamarca+Oeste Sgo del Estero. NEA: Chaco+Este Sgo del Estero+Formosa Ctro N Sfe: Centro-norte de Santa Fe. Ctro N Cba: Centro-norte de Crdoba Ncleo Norte: Este de Crdoba+Centro-sur de Santa Fe+Sudoeste de Entre Ros. Ncleo Sur: Sur de Santa Fe+Norte de Buenos Aires S Cba. N LP-O BA: Norte de La Pampa+Oeste de Buenos Aires. Ctro E ER: Entre Rios excluda Victoria y Diamante Ctro BA: Centro de Buenos Aires. SO BA-S LP: Sudoeste de Buenos Aires+Sur de La Pampa. SE BA: Sudeste de Buenos Aires Otras: San Luis+Depresin del Salado+Corrientes+Misiones

WEEKLY AGRICULTURAL WEATHER OUTLOOK BUENOS AIRES GRAINS EXCHANGE

OUTLOOK SUMMARY NATIONAL AGRICULTURAL WEATHER OUTLOOK: November 29 to December 5, 2012: Abundant precipitations and a moderate temperature decrease followed by the return of hot weather

The current perspective begins with high temperatures, while a Pampero front, entering from the West and moving towards the East will cause abundant/ very abundant rainfalls and marked drop in temperature over most of the agricultural area: most of Paraguay, most of the NOA, Mesopotamia, the Chaco Region, most of the Pampas Region and Uruguay will observe abundant / very abundant rainfalls (10-75 mm), with severe localized storms, risk of hail, winds and torrential downpours. The west of the NOA, most of Cuyo, most of La Pampa and the southwest of Buenos Aires will observe moderate rainfalls (10-25 mm). The front will be followed by the entry of a cold air mass, which will cause a sharp drop in temperature in the south of the agricultural area of the Southern Cone. The North, however, will continue reporting high values. Later, the return of northerly winds will prompt a new heat wave in most of the agricultural area of the Southern Cone.

Buenos Aires, November 29, 2012 Buenos Aires Grains Exchange

SOYBEAN
The weekly progress rate has reported 8.6 %, raising the seeded surface nationwide to 45.2 % out of 19,700,000 hectares estimated for the ongoing season. However, there is a significant YOY delay of -11 % compared to the result reported on the same date the previous season. The greatest seeding delays are seen in the Mid-North and South of Cordoba, where the lack of surface moisture has delayed the incorporation of first seeding plots. Meanwhile, the North and South belts are near to finishing the seeding of first plots. Simultaneously, as the harvest of winter crops advances (wheat and barley), some areas of the Mid-North of Santa Fe, the North Belt, and Mid-East of Entre Rios have reported the first second seeding plots.

Most of the central strip, comprised by the Mid-North and South of Cordoba, Mid-North of Santa Fe, the North and South Belts, and the Mid-East of Entre Rios, contributes as much as 82 % out of 8.9 million hectares already seeded nationwide. The condition of the crops ranges from good to very good throughout the region. In these areas, there were early reports of random cases of leave spots, more precisely Frogeye spots.

SOYBEAN PLANTING
2012/13 SEASON
As Of: 29/11/2012

Zone
I II III IV V VI VII VIII IX X XI XII XIII XIV XV NOA NEA Ctro N Cba S Cba Ctro N SFe Ncleo Norte Ncleo Sur Ctro E ER N LP-OBA Ctro BA SO BA-S LP SE BA SL Cuenca Sal Otras

Hectareage (ha) 2011/12 2012/13

Porcentage Hectares Planted(%) Planted

TOTAL

1.260.000 1.360.000 1.930.000 2.010.000 2.330.000 2.500.000 1.400.000 1.500.000 1.116.000 1.150.000 3.410.000 3.500.000 2.670.000 2.755.000 1.140.000 1.200.000 1.550.000 1.530.000 565.000 460.000 328.000 430.000 740.000 875.000 137.000 155.000 222.000 215.000 52.000 60.000 18.850.000 19.700.000

0,2 2.040 0,5 9.045 26,4 660.000 56,0 840.000 43,5 500.250 78,1 2.734.375 63,8 1.756.313 69,7 836.640 38,8 592.875 41,3 189.750 35,0 150.500 50,4 440.781 53,2 82.460 40,5 87.075 49,0 29.400 45,2 8.911.504

WHEAT
During the last seven days the harvest has reached 25.7 % of the harvestable surface, producing a weekly progress rate of 6.8 %, and a slight YOY delay of -3.4 %, as a consequence of continuous rainfalls. The national average yield continues to increase as the harvest work progresses along the central strip of the agricultural area. The current report has raised the value to 1.63 tons/Ha (+0.24 tons/Ha vs. the previous issue). Overall, after more than 900,000 hectares were collected, the partial volume accrued is nearing 1.5 million tons. Therefore, we maintain our final estimation at 10,120,000 tons. On the other hand, the harvest of the crop has finished in the Northern provinces of the NW and NE regions, yielding values of 0.78 Tn/Ha and 1.62 Tn/Ha respectively. The fieldwork is now focused on the Mid-North of Santa Fe and Crdoba, as well as on the North Belt.

WHEAT HARVEST
2012/13 SEASON
As of: Nov. 29, 2012

Zone
I II III IV V VI VII VIII IX X XI XII XIII XIV XV NOA NEA Ctro N Cba S Cba Ctro N SFe Ncleo Norte Ncleo Sur Ctro E ER N LP-OBA Ctro BA SO BA-S LP SE BA SL Cuenca Sal Others

Hectareage (ha) Sown Lost Harvestable

Percentage Hectares Yeld (1) harvested harvested (qq/ha)

Production (Tm)

TOTAL

340.000 190.000 265.000 130.000 160.000 265.000 240.000 150.000 210.000 140.000 680.000 770.000 3.000 50.000 7.000 3.600.000

50.000 6.000 5.000 0 3.000 11.000 12.000 0 0 0 0 0 0 0 0 87.000

290.000 184.000 260.000 130.000 157.000 254.000 228.000 150.000 210.000 140.000 680.000 770.000 3.000 50.000 7.000 3.513.000

100 290.000 100 184.000 50 130.000 0 0 85 133.450 35 88.900 6 13.680 43 64.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25,7 904.530

8 16 21 0 19 29 20 21 0 0 0 0 0 0 0 16,3

226.490 297.252 277.940 0 255.321 257.170 27.018 132.570 0 0 0 0 0 0 0 1.473.761

CORN
The seeding has started slowly on the late corn plots for commercialization. 52.4% of an area estimated at 3,400,000 hectares has been planted nationwide for the ongoing season (2012/13). The weekly progress rate reports 2.4 percentage points, and the YOY delay is of -12.4 points. The greatest late seeding progress was obtained in the areas of the South of Cordoba, West of Buenos Aires and the province of San Luis. In the next few days the seeding of late and second seeding plots is expected to finish throughout most of the national agricultural area; while the NW and NE regions will be starting the seeding work. In the Mid-North area of Santa Fe, the plots incorporated in August are now flowering in good conditions. Likewise, the plots in the North and South belt regions are evolving well.

CORN PLANTING
2012/13 SEASON
As Of: Nov. 29, 2012

Zone
I II III IV V VI VII VIII IX X XI XII XIII XIV XV NOA NEA Ctro N Cba S Cba Ctro N SFe Ncleo Norte Ncleo Sur Ctro E ER N LP-OBA Ctro BA SO BA-S LP SE BA SL Cuenca Sal Otras

Hectareage (ha) 2011/12 2012/13

Percentage Planted (%)

Hectares Planted

255.000 270.000 475.000 500.000 160.000 527.000 460.000 165.000 535.000 136.000 107.000 85.000 115.000 60.000 20.000

255.000 256.500 427.500 415.000 147.000 432.000 363.000 151.000 454.000 122.000 107.000 89.000 105.000 57.000 19.000

4,3 6,5 24,0 61,0 60,0 82,3 73,6 66,5 47,7 82,0 72,5 82,0 66,2 86,1 10,0

10.838 16.673 102.600 253.150 88.200 355.493 267.305 100.415 216.445 100.040 77.575 72.936 69.510 49.091 1.900

TOTAL

3.870.000 3.400.000

52,4

1.782.169

SUNFLOWER
The incorporation of plots in the South of Buenos Aires is nearly finished; the surface remaining is concentrated mostly in the Southwest region. So far, 98.2 % of the surface estimated at 1,800,000 hectares for the ongoing season has been covered. The weekly progress rate reported 2.7 %, and a slight YOY advance of 0.3 %. The pending surface is expected to be covered during the next seven days, even though producers are now prioritizing the seeding of soybean. The harvest of sunflower has begun in the North of the agricultural area, specifically in the provinces of Chaco and Santiago del Estero. Some isolated plots were collected and dried out in order to prevent birds attacks.

SUNFLOWER PLANTING
2012/13 Season
As Of: Nov. 29, 2012

Zone
I II III IV V VI VII VIII IX X XI XII XIII XIV XV

Hectareage (he) 2011/12 2012/13

Percentage Hectares planted (%) planted -

NOA 270.000 370.000 NEA 3.000 3.000 Ctro N Cba 22.500 22.000 S Cba 175.000 195.000 Ctro N SFe 7.500 7.500 Ncleo Norte 7.000 7.000 Ncleo Sur 10.000 9.500 Ctro E ER 185.000 115.000 N LP-OBA 46.000 27.000 Ctro BA 465.000 460.000 SO BA-S LP 550.000 475.000 SE BA 37.000 32.000 SL 78.000 73.000 Cuenca Sal Otras 4.000 4.000 TOTAL 1.860.000 1.800.000

100,0 370.000 100,0 3.000 100,0 22.000 100,0 195.000 100,0 7.500 100,0 7.000 100,0 9.500 100,0 115.000 100,0 27.000 94,0 432.400 99,0 470.250 100,0 32.000 99,0 72.270 100,0 4.000 98,2 1.766.920

MALTING BARLEY
The harvest of malting barley has progressed during the last fifteen days, expanding to the North of La Pampa and most of the Buenos Aires region. The yields obtained in the central region of the national agricultural area were less than expected by producers. Nevertheless, 7% of the suitable surface has been collected so far, yielding an average of 2.7 Tn / ha. The excessive precipitations that flooded a huge portion of Buenos Aires, producing losses of area and yield drops, have also created the necessary conditions for the proliferation of fungal diseases in Entre Ros, Santa Fe, Crdoba, La Pampa, and Buenos Aires. Such diseases have affected the plots, decreasing the yield potential. Within this context, and expecting a yield increase once the harvest has been finished, we maintain our estimation of productivity at 5,550,000 tons, exceeding by 26.1 % the one obtained in the last season (2011/12: 4.4 M Tn).