WeeklyAgReport

BUENOS AIRES GRAIN E XCHANGE

WEEK ENDED ON Feb. 14, 2013

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. S Cba: Sur de Crdoba. N LP-O BA: Norte de La Pampa+ Oeste de Buenos Aires. Ctro E ER: Entre Ros excluido 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. SL: San Luis. Cuenca Sal: Este de la Cuenca del Salado. Otras: Corrientes+Misiones.

WEEKLY AGRICULTURAL WEATHER OUTLOOK BUENOS AIRES GRAINS EXCHANGE

February 14 2013
AGRICULTURAL WEATHER OUTLOOK: FEBRUARY 14 TO 20, 2013: HEAT AND GENERALIZED PRECIPITATIONS FOLLOWED BY A TEMPERATURE DECREASE.

OUTLOOK SUMMARY
At the beginning of the current perspective, northerly winds will bring high temperatures and atmospheric humidity to most of the agricultural area. A Pampero front will then lead to precipitations and a drop in temperature as it heads to the north. Most of NOA, most of the Pampas region, most of Uruguay, northern Cuyo, most of Mesopotamia, the north of the Pampas region and most of Uruguay will observe abundant/very abundant precipitations (25 to 75mm) with localized heavy storms, risk of hail and torrential downpours; The west of NOA, most of Cuyo, the south of the Pampas region, the south of Santiago del Estero, northern Crdoba and central Santa Fe will observe scarce precipitations (less than 10mm), with localized moderate values (more than 10mm). In its path, the storm front will bring winds coming from the south/southeast leading to a decrease in temperature over most of the agricultural area.

SOYBEAN
There have been moderate rains over some areas of the SE of Santa Fe, SW and east of Crdoba, center and SE of Buenos Aires, and some parts in the north and west of Santiago del Estero; the rest of the agricultural area has only reported scarce or no precipitations at all. In summary, some areas have got a relief from hydric stress, while the rest of the regions without rains are even worse due to the rise of temperatures registered during the last seven days. This current outlook was described in our previous production estimation, projected as 50,000,000 tons. At this moment the NW region is reporting a loss of yield as well as of surface, as a consequence of the extended drought followed by high temperatures. In the neighboring NE area, the hydric deficit was reduced by rains of moderate to low intensity registered in late January. It is relevant to point out that

both the NW and NE regions contribute a surface of around 3.37 million hectares combined, which represents over 17 % out of 19.7 million hectares sown in the whole agricultural area during the present cycle. In the mid-north of Santa Fe the conditions of first and second seeding crops range from normal to regular, in spite of having received precipitations of moderate intensity during the last weeks. Towards the mid-north of Crdoba, the plots are reaching critical stages of yield production. Finally, the south and southeast end of Crdoba, large areas of La Pampa, the mid-north of Entre Ros, and the west, southwest and south of Buenos Aires have not been able to recover their humidity during the last seven days. Consequently, the gradual decay of the crops is emphasized in these areas.

SOYBEAN PLANTING
2012/13 SEASON
As Of: 14/02/2013
Hectares Planted Hectareage (ha) 2011/12 2012/13 Porcentage Planted(%)

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

TOTAL

1.260.000 1.360.000 1.930.000 2.010.000 2.330.000 2.500.000 1.400.000 1.440.000 1.116.000 1.150.000 3.410.000 3.400.000 2.670.000 2.680.000 1.140.000 1.200.000 1.550.000 1.360.000 565.000 418.000 328.000 415.000 740.000 1.337.000 137.000 155.000 222.000 215.000 52.000 60.000 18.850.000 19.700.000

100 1.360.000 100 2.010.000 100 2.500.000 100 1.440.000 100 1.150.000 100 3.400.000 100 2.680.000 100 1.200.000 100 1.360.000 100 418.000 100 415.000 100 1.337.000 100 155.000 100 215.000 100 60.000 100 19.700.000

CORN
The harvest of commercial corn is in progress over the central strip of the agricultural area. So far, the yields registered on first crop plots are satisfactory, due to the weather conditions during most of the crop cycle. Up to date, the harvest progress reports 3.7 % of the suitable area estimated in 3,678,000 HA nationwide. The YOY increase is 2.5 percentage points. As the harvest is extended over the north belt areas, the mid-east of Entre Ros, the mid-north of Santa Fe, and the mid-north of Cordoba, the productivity-per-hectare levels are good enough to meet the expectations of producers. As it was mentioned in previous reports, the lack of rains in January, coupled with high temperature registers, will likely produce a loss of potential yield in the crops sown at the end of October, and during the months of November and December. The NW and NE areas are now suffering the lack of good level precipitations to revert the conditions of the plots, which are presenting severe hydric stress and loss of potential yield. On the other hand, early corn plots in the north of La Pampa and west of Buenos Aires are expecting productivity levels above historical averages, in spite of the bad weather endured in the months of Spring. Under these circumstances, we make our first estimation of production in 25,000,000 tons nationwide. This volume ranks around 16.3 % above the final production of the previous season, which finished at 21.5 M TN. Therefore, it will be the largest production in the last 13 seasons (since the 2000/01 cycle).

CORN PLANTING
2012/13 SEASON
As Of: Feb. 14, 2013
Hectareage (Ha) 2011/12 2012/13 Percentage Planted (%) Hectares Planted

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

265.000 300.000 500.000 575.000 160.000 560.000 520.000 165.000 580.000 260.000 107.000 90.000 150.000 60.000 20.000

265.000 285.000 450.000 456.000 147.000 459.000 410.000 151.000 416.000 225.000 107.000 94.000 137.000 57.000 19.000

100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0

265.000 285.000 450.000 456.000 147.000 459.000 410.000 151.000 416.000 225.000 107.000 94.000 137.000 57.000 19.000

TOTAL

4.312.000 3.678.000

100,0

3.678.000

SUNFLOWER
The harvest of sunflower is progressing slowly in the north of the agricultural area, precisely in the mid-north of Santa Fe and the NE region, where the collection fieldwork has finished. Therefore, the harvest progress has registered an increase of 31.1 % of the suitable area nationwide, describing a weekly increase of 0.4 % and a YOY advance of 7.1 %. In total, more than 554 thousand hectares were collected out of 1.8 M HA sown nationwide. The volume accrued so far is in excess of 950 thousand tons, which is 30 % of 3,200,000 tons projected for the closing of the cycle. If that volume is obtained, it will fall 11.1 % short of the productivity obtained during the previous cycle (2011/12; 3.6 M TN). The harvest has finished in the mid-north of Santa Fe, after specific plots were collected in the south of the region and surroundings of Esperanza, Humboldt and Rafaela. Better yields were expected although the area made good productivity levels. Strong windstorms overturned numerous plots, causing a loss of yields. In the north of La Pampa and west and center of Buenos Aires, the bulk of the plots are at the grain filling stage in good-to-very good conditions. Some specific plots are to be harvested in the next few days. Nevertheless, most of the sunflower plots will be harvested during the month of March. Finally, in the productive belt of the SE of Buenos Aires, the early sown plots are going through full grain filling to starting phisiological maturity, in very good conditions.

SUNFLOWER HARVEST
2012/13 SEASON As of: Feb. 14, 2013
Hectareage (Ha) Percentage Hectares Yield Zone Sown Lost Harvestable Harvested Harvested (qq/Ha) I NOA 370.000 15.000 355.000 100 355.000 16,5 II NEA 3.000 100 2.900 77 2.233 20,0 III Ctro N Cba 22.000 0 22.000 14 3.080 18,0 IV S Cba 195.000 4.000 191.000 100 191.000 19,0 V Ctro N SFe 7.500 120 7.380 37 2.731 24,0 VI Ncleo Norte 7.000 0 7.000 0 0 0,0 VII Ncleo Sur 9.500 0 9.500 0 0 0,0 VIII Ctro E ER 115.000 0 115.000 0 0 0,0 IX N LP-OBA 27.000 0 27.000 0 0 0,0 X Ctro BA 460.000 0 460.000 0 0 0,0 XI SO BA-S LP 475.000 0 475.000 0 0 0,0 XII SE BA 32.000 0 32.000 0 0 0,0 XIII SL 73.000 0 73.000 0 0 0,0 XIV Cuenca Sal XV Otras 4.000 0 4.000 0 0 0,0 TOTAL 1.800.000 19.220 1.780.780 31,1 554.044 17,4 Production (Tn) 585.750 4.466 5.544 362.900 6.553 0 0 0 0 0 0 0 0 0 965.213

GRAIN SORGHUM
At this point, the seeding of sorghum is finished nationwide, describing a total surface of 1,100,000 HA for the ongoing season. On the other hand, the first plots of grain sorghum were harvested in the mid-north of Santa Fe, precisely in Reconquista, Romang and Malabrigo. The productivity levels are varied and range from 2.5 to 4.5 TN/HA, which are considered good yields for the region. Towards the area of Entre Ros we can find plots at the end of flowering, and some other more advanced plots in full grain filling. In the mid-north of Crdoba the most advanced plots are already filing grains. The harvest outlook is positive in the regions of Villa Mara, Oncativo, Ro Segundo and Pilar, in spite of the lack of rains during the last month. Another important grain sorghum producing area, the south of La Pampa and southwest of Buenos Aires, presents sorghum plots in very good conditions despite the extended lack of precipitations.

GRAIN SORGHUM PLANTING

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 C SAL Otras

Porcentage
100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0

Hectares Planted
24.000 230.000 134.000 47.000 195.500 51.500 26.000 96.000 42.000 8.000 138.000 7.000 52.000 29.000 20.000

2010/11 2011/12 Planted (%)

TOTAL

1.100.387 1.100.000

100,0

1.100.000

Buenos Aires, February 14, 2013

Buenos Aires Grains Exchange