WeeklyAgReport

BUENOS AIRES GRAIN E XCHANGE

WEEK ENDED ON Jan. 09, 2014

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

JANUARY 09, 2014

OUTLOOK SUMMARY
The perspective begins with hot weather. At the same time, the passage of a storm front will bring abundant precipitations over most of the center and north of the agricultural area. The South, however, will report moderate to scarce values. The front will be accompanied by the entrance of a cold air mass leading to a sharp temperature drop in the south of the agricultural area. The North will continue reporting high temperatures. Towards the end of the perspective, winds will rotate to the North, reactivating the heat wave over most of the agricultural area.

SOYBEAN
The nationwide sowing progress has covered 90.9 % of the surface projected in 20,450,000 hectares. The weekly advance posted 3.7 %, and the YOY advance was similar to the result of last season. So far, more than 18.5 MHA were sown, and after the last second seeding plots were incorporated, the sowing is declared finished in the North and South Belts, mid-north and south of Crdoba, San Luis, and the north of La Pampa and west of Buenos Aires. More than 80 % of the remaining area sits in plots of the north provinces, where the sowing is the most intense from mid December to mid January. Fortunately there were abundant rainfalls during the last seven days in the NW and NE areas. Along the central region, the North and South Belts show a large proportion of plots going through full blooming phases in varying moisture conditions.

In the mid-east of Entre Ros, the first sown plots are starting to bloom. Although there were rains of varying intensity in the last days, some areas are still not able to replenish the fields, and will need more water contributions to sustain the condition of the crop in the next few weeks. Finally, there remain second plots to sow in the province of Buenos Aires, in the wheat belts of the country. The lack of surface moisture has delayed the incporporation of plots in the SE and SW of the province. In both regions the sowing is finished, and if there are no rains in the next few days, the surface projected will not be accomplished.

SOYBEAN PLANTING 2013/14 Season Hectareage (Ha) Zone 2012/13 2013/14 I NOA 1.360.000 1.130.000 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: Jan. 09, 2014 Porcentage Hectares planted (%) planted 45,9 518.400 49,1 913.175 100,0 2.480.000 100,0 1.481.000 98,9 1.142.043 100,0 3.635.000 100,0 2.820.000 99,9 1.229.260 100,0 1.590.000 94,1 549.560 89,3 375.000 87,1 1.443.360 100,0 160.000 98,7 197.435 100,0 47.000 90,9 18.581.233

WHEAT
The lack of rains in the south of Buenos Aires and La Pampa, in addition to the high temperatures of last week, accelerated the drying of the plots. These events allowed the harvest to advance fluently, posting a weekly advance of 13.7%, and a YOY increase of 5.8 %. Consequently, the harvest progress nationwide reached 98 % of the suitable surface, which accounts for an overall 3.33 MHA. This surface yielded an average of 2.9 Tn/Ha, increasing the volume accrued to 9.8 MTN. The harvest finished last week in the center and west of Buenos Aires and north of La Pampa. Both regions yielded averages above the initial expectations. The center of Buenos Aires finished the collection with an average productivity of 4.5 Tn/Ha, while the west of the province and north of La Pampa yielded an average of 3.2 Tn/Ha. The North Belt is another region with very good yields, which reported an average of 4.0 Tn/Ha. Toward the SE of Buenos Aires, there will be an average yield of 4.8 tons/Ha, as was estimated three months ago. Although the productivities reported were above the expectations in the main wheat areas of the south, they were not enough to offset the yield loss. Consequently, we need to adjust our harvest estimation down to 10,100,000 tons, decreasing by -2.4 % against our last publication (03/01/2014: 10,350,000 TN). Compared to last season, this result is 14.7 % above the 8.8 MTN obtained last season 2012/13.

WHEAT HARVEST 2013/14 Season Hectareage (Ha) Porcentage Harvested (%) Zone Sown Lost Harvestable I NOA 50.000 20.000 30.000 100,0 II NEA 140.000 50.000 90.000 100,0 III Ctro N Cba 320.000 35.000 285.000 100,0 IV S Cba 156.000 17.000 139.000 100,0 V Ctro N SFe 192.000 25.000 167.000 100,0 VI Ncleo Norte 315.000 18.000 297.000 100,0 VII Ncleo Sur 280.000 8.000 272.000 100,0 VIII Ctro E ER 180.000 7.000 173.000 100,0 IX N LP-OBA 300.000 10.000 290.000 100,0 X Ctro BA 165.000 4.500 160.500 100,0 XI SO BA-S LP 800.000 16.000 784.000 99,0 XII SE BA 650.000 6.500 643.500 91,0 XIII SL 4.000 700 3.300 100,0 XIV Cuenca Sal 60.000 1.800 58.200 99,0 XV Otras 8.000 500 7.500 100,0 TOTAL 3.620.000 220.000 3.400.000 98,0

Hectares Harvested 30.000 90.000 285.000 139.000 167.000 297.000 272.000 173.000 290.000 160.500 776.160 585.585 3.300 57.618 7.500 3.333.663

As of: Jan. 09, 2014 Yield Production (qq/Ha) (Tn) 12,0 36.000 6,0 54.000 12,0 342.000 14,0 194.600 17,0 283.900 26,0 772.200 40,0 1.088.000 28,0 484.400 32,0 928.000 45,0 722.250 23,0 1.785.168 48,0 2.810.808 20,0 6.600 48,0 276.566 23,0 17.250 29,4 9.801.742

CORN
The sowing of the crop has covered 82.8 % of the area projected for this season in 3,300,000 hectares, posting a weekly advance of 5.7% and a YOY delay of more than -5%. The differences in the sowing progress compared to last season are due to the delays occurred in the NW and NE areas, mid-north of Santa Fe and mid-east of Entre Ros. The lack of surface moisture has hampered the correct planting of the crop. The rains observed in the last weeks over the NW area allow the advance of the sowing of early corn plots. Toward the mid-north of Santa Fe the plots sown in early August are now finishing the grain filling stage. The harvest is expected to start in 20 days. The corn belt area has been affected by high temperatures and a long period without rains. Toward the mid-north of Crdoba the rainfalls of the last two weeks have improved the conditions of the crop and fostered the sowing of late and second plots. Finally, the west and center of of Buenos Aires are in great need of new rainfalls in order not to lose the conditions of the corn.

CORN PLANTING 2013/14 Season Hectareage (Ha) Zonas 2012/13 2013/14 I NOA 265.000 252.000 II NEA 285.000 302.000 III Ctro N Cba 450.000 430.000 IV S Cba 456.000 410.000 V Ctro N SFe 147.000 136.000 VI Ncleo Norte 459.000 320.000 VII Ncleo Sur 410.000 320.000 VIII Ctro E ER 151.000 151.000 IX N LP-OBA 416.000 374.000 X Ctro BA 225.000 218.000 XI SO BA-S LP 107.000 100.000 XII SE BA 94.000 90.000 XIII SL 137.000 130.000 XIV Cuenca Sal 57.000 48.000 XV Otras 19.000 19.000 TOTAL 3.678.000 3.300.000

As of: Jan. 09, 2014 Porcentage Hectares planted (%) planted 10,0 25.200 17,0 51.340 86,5 371.950 97,9 401.390 93,3 126.820 99,8 319.200 99,6 318.800 96,4 145.564 99,1 370.634 100,0 218.000 99,5 99.500 99,7 89.730 100,0 130.000 100,0 48.000 88,0 16.720 82,8 2.732.848

SUNFLOWER
The harvest is focused on the north of the country, especially in the provinces of the NE area and the mid-north of Santa Fe, with a slight advance of 3.1 % from our last issue, and posting a YOY delay of -2.3%. The harvest progress nationwide is 10.5 %. Overall, some 150 thousand hectares have been collected, yielding an average of 1.35Tn/Ha, and contributing an accrued volume over 200 thousand tons. In Chaco and Santiago del Estero more than 60 % of the area was harvested, and the average yield (1.2 Tn/Ha) remains below the expectations of months ago. In the mid-north of Santa Fe the harvest is moving slowly, since the sowing was completed in late October. So far the yields range from 1.5 to 2.2 Tn/Ha, and good productivities are expected when the harvest is about to finish. We observe bad growing conditions in the sunflower belts of Buenos Aires, due to the lack of precipitations during the last few months. Anyway, new rainfalls will be necessary to accompany the appropriate development of the crop. Under these conditions, we maintain our estimation of 2,500,000 tons for the season 2013/14.
SUNFLOWER HARVEST 2012/13 Season Hectareage (Ha) Porcentage Zone Sown Lost Harvestable Harvested (%) I NOA II NEA 230.000 17.250 212.750 62,0 III Ctro N Cba 3.000 3.000 IV S Cba 22.000 22.000 V Ctro N SFe 150.000 150.000 14,3 VI Ncleo Norte 7.000 7.000 VII Ncleo Sur 9.000 9.000 VIII Ctro E ER 5.000 5.000 IX N LP-OBA 100.000 100.000 X Ctro BA 45.000 45.000 XI SO BA-S LP 420.000 420.000 XII SE BA 380.000 380.000 XIII SL 30.000 30.000 XIV Cuenca Sal 75.000 75.000 XV Otras 4.000 4.000 TOTAL 1.480.000 1.462.750 10,5 As of: 09/01/2014 Yield Production (qq/Ha) (Tn) 12,2 160.378 21,5 46.110 13,5 206.488

Hectares Harvested 131.905 21.450 153.355

BARLEY
The harvest of the cereal crop has advanced steadily thanks to sunny, dry, low humidity days registered during the last fortnight in the south of Buenos Aires. The areas in the north of the agricultural region (mid-east of Entre Ros, mid-north of Santa Fe, North Belt, mid-north and south of Crdoba), contributed a mere 2.8 % of the national surface. In those areas the crop was affected by water stress during the early stages, generating yield and surface losses. Conversely, the areas located in the south of the agricultural region (Cuenca del Salado, SW of Buenos Aires and south of La Pampa, center and SE of Buenos Aires), contributed 97.3% of the sown surface. In these regions, the precipitations accompanied the crop during the initial stages of development, allowing for a good sowing of the plots. The important harvest progress observed during the last fifteen days, plus the elevated productivities obtained over wide areas of relevance have raised the national average yield to 3.9 Tn/Ha. Overall, after collecting 1.22 MHA, the volume accrued amounts to 4,800,000 tons, exceeding our last projection by 100 thousand tons. As compared to last season, although the surface was reduced by -19.1 % (2012/13: 1.57 MHA vs. 2013/14: 1.27 MHA), the production fell only by a -4 %, and this is due to the fact that the weather helped the crop in the south of the agricultural region, allowing the average yield to reach 14.5 % above the result of last season (2012/13: 3.4 Tn/Ha vs. 2013/14: 3.9 Tn/Ha).

COSECHA DE CEBADA Campaa 2013/14 Superficie (Ha) Zonas Sembrada Perdida Cosechable I NOA II NEA III Ctro N Cba 500 300 200 IV S Cba 5.000 2.000 3.000 V Ctro N SFe 1.500 800 700 VI Ncleo Norte 25.000 10.000 15.000 VII Ncleo Sur 90.000 8.000 82.000 VIII Ctro E ER 3.000 900 2.100 IX N LP-OBA 110.000 10.000 100.000 X Ctro BA 63.000 2.500 60.500 XI SO BA-S LP 245.000 5.000 240.000 XII SE BA 710.000 10.000 700.000 XIII SL XIV Cuenca Sal 17.000 2.000 15.000 XV Otras TOTAL 1.270.000 51.500 1.218.500

Porcentual Hectreas cosechado (%) cosechadas 100,0 200 100,0 3.000 100,0 700 100,0 15.000 100,0 82.000 100,0 2.100 100,0 100.000 100,0 60.500 100,0 240.000 100,0 700.000 100,0 15.000 100,0 1.218.500

Datos al: 09/01/2014 Rinde Produccin (qq/Ha) (Tn)

12,0 240 14,8 4.440 17,0 1.190 25,0 37.500 34,5 282.900 27,0 5.670 30,0 300.000 44,5 269.225 24,0 576.000 46,6 3.262.000 43,0 39,4 64.500 4.803.665

Buenos Aires, January 09, 2013

Buenos Aires Grains Exchange