WeeklyAgReport

BUENOS AIRES GRAIN E XCHANGE

WEEK ENDED ON Nov. 28, 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

November, 28, 2013

AGRICULTURAL WEATHER OUTLOOK: NOVERMBER 28 TO DECEMBER 4, 2013: RAINFALLS OVER HTE NORTH OF THE AGRICULTURAL AREA AND SHARP TEMPERATURE OSCILLATION. OUTLOOK SUMMARY
At the beginning of the perspective, the passage of the storm front, which brought rainfalls in the past days, will be complete. At the end of its passage, the front will bring rainfalls over the north of the agricultural area. The remaining area will only report scarce rainfall values. The entrance of a cold air mass will clear the atmosphere and bring a sharp temperature drop over most of the agricultural area. Northerly winds will soon return, leading to a gradual temperatura rise

SOYBEAN
We have adjusted the surface projected for soybean. The recent tours reported a lower corn sowing intention, and consequently a large percentage of the unused surface will be planted with soybean during the next few days. In addition, besides the increase of area for first seeding soybean, we must take into account the reduction of area implemented weeks ago on the sunflower sowing projection. Under these circumstances, the current sowing projection for soybean amounts to 20,450,000 hectares, with an increase of 1.2 % (+250,000 HA) compared to our previous report. Simultaneously, the current adjustment represents a YOY increase of 3.8 % (+750,000 HA) compared to the previous cycle.

Up to date, the national sowing progress has covered 48.9 % of this new surface projected, making a weekly advance of 11.6 %, as well as a YOY advance of 5.7 %. Overall, more than 10 million hectares have been sown throughout the agricultural region. The sowing gained momentum after the generous water recovery registered during the last few weeks over most of the central strip and its surroundings.

SOYBEAN PLANTING 2013/14 Season Hectareage (Ha) Zone 2012/13 2013/14 I NOA 1.360.000 II NEA 2.010.000 1.860.000 III Ctro N Cba 2.500.000 2.480.000 IV S Cba 1.440.000 1.481.000 V Ctro N SFe 1.150.000 1.155.000 VI Ncleo Norte 3.400.000 3.635.000 VII Ncleo Sur 2.680.000 2.820.000 VIII Ctro E ER 1.200.000 1.231.000 IX N LP-OBA 1.360.000 1.590.000 X Ctro BA 418.000 584.000 XI SO BA-S LP 415.000 420.000 XII SE BA 1.337.000 1.657.000 XIII SL 155.000 160.000 XIV Cuenca Sal 215.000 200.000 XV Otras 60.000 47.000 TOTAL 19.700.000 20.450.000

As of: Nov. 28, 2013 Porcentage Hectares planted (%) planted 0,4 7.738 30,0 745.110 67,4 997.764 25,4 292.821 83,4 3.032.880 73,5 2.072.095 48,6 598.750 66,8 1.062.270 63,5 370.620 16,4 69.005 35,1 581.100 39,5 63.200 48,3 96.655 38,9 18.270 48,9 10.008.278

WHEAT
The harvest of wheat has begun in the south of Crdoba and in the South Belt, with very uneven yields. The fieldwork was delayed by the precipitations registered in such regions during the last days. Posting a weekly advance of 6.6%, so far the harvest progress nationwide is estimated at 19.7 % of the suitable area, marking a YOY delay of -6%. Such progress represents a surface collected of almost 700 thousand hectares nationwide, with an average yield of 1.54 Tn/Ha. The NW and NE areas have finished the harvest, yielding way below historical values on non-irrigated plots. During the last days the first plots were harvested in the north of the province of Buenos Aires, and the south of Santa Fe (South Belt), with productivities ranging from 1.5 to 3.5 Tn/Ha. Although the region started the cycle with low moisture, it was able to recover, and it is even expected to observe yield peaks of up to 5.0 Tn/Ha. One of the wheat belts such as the SE of Buenos Aires is evolving in very good conditions due to an excellent availability of water that has leveraged the crop since the beginning of the cycle. Another relevant wheat area, the SW of Buenos Aires and south of La Pampa, has accumulated precipitations which are essential for the grain to move through the grain filling phase in good conditions, since some of the plots started to have a low availability of water. Analyzing yield potentials, only a few days away from starting the harvest, we maintain our estimation of 10,350,000 tons.

WHEAT HARVEST 2013/14 Season Hectareage (Ha) Porcentage Harvested (%) Zone Sown Lost Harvestable I NOA 50.000 18.000 32.000 100,0 II NEA 140.000 50.000 90.000 100,0 III Ctro N Cba 320.000 25.000 295.000 61,0 IV S Cba 156.000 156.000 7,0 V Ctro N SFe 192.000 10.000 182.000 80,0 VI Ncleo Norte 315.000 12.000 303.000 47,0 VII Ncleo Sur 280.000 280.000 6,0 VIII Ctro E ER 180.000 5.000 175.000 38,0 IX N LP-OBA 300.000 300.000 0,0 X Ctro BA 165.000 165.000 0,0 XI SO BA-S LP 800.000 800.000 0,0 XII SE BA 650.000 650.000 0,0 XIII SL 4.000 4.000 0,0 XIV Cuenca Sal 60.000 60.000 0,0 XV Otras 8.000 8.000 70,0 TOTAL 3.620.000 120.000 3.500.000 19,7

Hectares Harvested 32.000 90.000 179.950 10.920 145.600 142.410 16.800 66.500 5.600 689.780

As of: Nov. 28, 2013 Yield Production (qq/Ha) (Tn) 12,0 38.400 6,0 54.000 11,0 197.945 15,0 16.380 14,5 211.120 23,0 327.543 26,0 43.680 24,0 159.600 0,0 0,0 0,0 0,0 0,0 0,0 22,0 12.320 15,4 1.060.988

CORN
The sowing area has been adjusted for the current season. Therefore, the North and South Belts, and the province of Cordoba, started to reduce the area allocated to the corn crop, transferring most of it to soybean. Consequently, the national surface projection is now of 3,300,000 HA. This new estimation accounts for a reduction of 160,000 HA (-4 %) compared to our previous report, and it also produces a YOY surface decrease of -10 % (Corn 2012/13: 3.67MHA). On the other hand, the west and center of Buenos Aires has started to incorporate late plots during the last seven days, taking advantage of the moisture available on the first centimeters of the fields. So far, 43.5 % of the current estimated surface was planted, representing a weekly progress of 0.8 %, as well as a YOY decrease of -9 %. The condition of the early planted plots in the center of the country is optimal due to the precipitations received during the last few days.

CORN PLANTING 2013/14 Season Zonas I NOA II NEA III Ctro N Cba IV S Cba V Ctro N SFe VI Ncleo Norte VII Ncleo Sur VIII Ctro E ER IX N LP-OBA X Ctro BA XI SO BA-S LP XII SE BA XIII SL XIV Cuenca Sal XV Otras TOTAL

Hectareage (Ha) 2012/13 2013/14 265.000 252.000 285.000 302.000 450.000 430.000 456.000 410.000 147.000 136.000 459.000 320.000 410.000 320.000 151.000 151.000 416.000 374.000 225.000 218.000 107.000 100.000 94.000 90.000 137.000 130.000 57.000 48.000 19.000 19.000 3.678.000 3.300.000

As of: Nov. 28, 2013 Porcentage Hectares planted (%) planted 0,4 1.008 1,6 4.832 10,0 43.000 30,0 123.000 55,0 74.800 75,0 240.000 75,0 240.000 55,0 83.050 57,3 214.115 77,5 168.950 73,5 73.500 80,8 72.675 37,0 48.035 85,0 40.800 40,0 7.600 43,5 1.435.365

SUNFLOWER
Up to date, the sowing of sunflower has covered 96.9 % of 1,480,000 hectares projected for the ongoing season. We observe a weekly advance of 2.7 %, with a YOY decrease of -1.3%. Overall, nearly 1.43 MHA were incorporated during the last seven days. The area remaining to be sown is concentrated in the SW of Buenos Aires-South of La Pampa, and after the rainfalls of days before this report, it is estimated that the incorporation of plots will finish within the next days. On the other hand, the plots are ranging from full emergence to the first vegetative phases, showing good conditions due to the moisture recovery observed. In areas such as the NE area and the mid-north of Santa Fe, the sunflower plots are in advanced phases; the ones sown in mid-July are now filling grains, and the ones planted between August and September are blooming.

SUNFLOWER PLANTING 2013/14 Season Hectareage (Ha) Zone 2012/13 2013/14 I NOA II NEA 370.000 230.000 III Ctro N Cba 3.000 3.000 IV S Cba 22.000 22.000 V Ctro N SFe 195.000 150.000 VI Ncleo Norte 7.500 7.000 VII Ncleo Sur 7.000 9.000 VIII Ctro E ER 9.500 5.000 IX N LP-OBA 115.000 100.000 X Ctro BA 27.000 45.000 XI SO BA-S LP 460.000 420.000 XII SE BA 475.000 380.000 XIII SL 32.000 30.000 XIV Cuenca Sal 73.000 75.000 XV Otras 4.000 4.000 TOTAL 1.800.000 1.480.000

As of: Nov. 28, 2013 Porcentage Hectares planted (%) planted 100,0 230.000 100,0 3.000 100,0 22.000 100,0 150.000 100,0 7.000 100,0 9.000 100,0 5.000 100,0 100.000 100,0 45.000 89,0 373.800 100,0 380.000 100,0 30.000 100,0 75.000 100,0 4.000 96,9 1.433.800

BARLEY
Up to date, 3.7 % of the suitable area was harvested, marking a YOY decrease by 3.3 %. Overall, less than fifty thousand hectares were collected, yielding an average of 2.5 Tn/Ha, accruing a volume of over 110 thousand tons. So far, the harvest is concentratred in the center of the agricultural region. The yields obtained are way below potentials, due to the scarce availability of moisture during part of the cycle. On the other hand, low temperatures affected the crop, slowing down their growth and development. Towards the south of the agricultural region, which concentrates more than 75 % of 1.27 MHA, though the crop is evolving favorably, the yields are expected to fall below potential values. In the neighboring region of the SW of Buenos Aires, the harvest of isolated plots has begun with yields nearing 3.0 Tn/Ha; however, it will be necessary to wait for the collection to spread in order to verify the productivities obtained. Upon this scenario, we maintain our estimation of production at 4,700,000 tons.

BARLEY HARVEST 2012/13 Season Zone I NOA II NEA III Ctro N Cba IV S Cba V Ctro N SFe VI Ncleo Norte VII Ncleo Sur VIII Ctro E ER IX N LP-OBA X Ctro BA XI SO BA-S LP XII SE BA XIII SL XIV Cuenca Sal XV Otras TOTAL

Sown 500 5.000 1.500 25.000 90.000 3.000 110.000 63.000 245.000 710.000 17.000 1.270.000

Hectareage (Ha) Lost Harvestable 250 250 300 4.700 500 1.000 5.000 20.000 3.000 87.000 500 2.500 3.000 107.000 1.500 61.500 2.000 243.000 710.000 17.000 16.050 1.253.950

Porcentage Harvested (%) 55,0 37,0 53,0 42,0 31,0 62,0 4,0 3,0 0,5 3,7

As of: Nov. 28, 2013 Hectares Yield Production Harvested (qq/Ha) (Tn) 138 16,0 220 1.739 14,0 2.435 530 15,0 795 8.400 19,0 15.960 26.970 26,0 70.122 1.550 29,0 4.495 4.280 32,0 13.696 1.845 37,0 6.827 1.215 30,0 3.645 46.667 25,3 118.194

Buenos Aires, November 28, 2013

Buenos Aires Grains Exchange