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.
W WW WeeklyAgReport eeklyAgReport eeklyAgReport eeklyAgReport
B U E N O S A I R E S G R A I N E X C H A N G E





WEEK ENDED ON Jul 17, 2014


CROP REPORT - HIGHLIGHTS
Estimations and Agricultural Projections Department
Buenos Aires Grain Exchange





WEEKLY AGRICULTURAL WEATHER OUTLOOK

BUENOS AIRES GRAINS EXCHANGE

July 17, 2014

AGRICULTURAL WEATHER OUTLOOK: JULY 17 TO 23, 2014: PRECIPITATIONS OVER THE
NORTHEAST OF THE AGRICULTURAL AREA, FOLLOWED BY A MODERATE TEMPERATURE
DROP AND A LATER TEMPERATURE RISE.


OUTLOOK SUMMARY

At the beginning of the perspective, the passage of a Pampero front will bring precipitations over the
northeast of the agricultural area. The front will also clear the atmosphere and lead to a period of good
weather conditions. Together with the front, the arrival of southerly winds will lead to a moderate
temperature drop, with chances of frosts over most part of the west, south and center of the agricultural
area. Towards the end of the perspective, the return of northerly winds will bring a rise in temperatures.

WHEAT

Precipitations of last week are worsening water difficulties along the East margin of the Ag region.
Therefore, the Mid-East of Entre Ros, South Belt, Center, East and SE of Buenos Aires are reporting a
strong harvest delay, ranging from 15 to 40 percentage points. Such delay responds to water excess on
fields and roads, thus forcing producers to reduce planting area.
Consequently, sowing has estimated covered 100 thousand hectares less than originally expected, so
current estimate is reporting 4,200,000 hectares. YOY area increase accounts for 16 % (10/07/14: 4.3M
Ha), and it is important to point out that if bad weather continues, the loss of area could be even greater
for corn sowing.
Up to date, sowing accounts for 80 % of 4.2M Ha estimated for this season. Week-to-week advance
posted 7.5 percentage points, and a YOY delay of -8.7 points. Overall, around 3.36M Ha were sown.
The same rainfalls that caused water excess and floodings in the East of the Ag region are creating
good sowing conditions for the development of the crop along the West margin. Therefore, areas such
as the NW Area, Santiago del Estero, Crdoba and La Pampa are reporting a significant YOY increase of
area, aided by good water supplies.

WHEAT PLANTING As of: Jul 17, 2014
2013/14 2014/15
I NOA 50.000 175.000 100,0 175.000
II NEA 140.000 250.000 100,0 250.000
III Ctro N Cba 320.000 390.000 100,0 390.000
IV S Cba 156.000 177.000 98,0 173.460
V Ctro N SFe 192.000 215.000 97,0 208.550
VI Ncleo Norte 315.000 355.000 95,0 337.250
VII Ncleo Sur 280.000 294.000 74,0 217.560
VIII Ctro E ER 180.000 200.000 79,0 158.000
IX N LP-OBA 300.000 330.000 90,0 297.000
X Ctro BA 165.000 140.000 63,0 88.200
XI SO BA-S LP 800.000 920.000 82,0 754.400
XII SE BA 650.000 680.000 40,0 272.000
XIII SL 4.000 5.000 100,0 5.000
XIV Cuenca Sal 60.000 60.000 40,0 24.000
XV Otras 8.000 9.000 100,0 9.000
3.620.000 4.200.000 80,0 3.359.420
Hectareage (Ha) Porcentage
planted (%)
Hectares
planted
TOTAL
Zone
2014/15 Season


SOYBEAN
Rainfalls of recent days are delaying harvest once again in the Buenos Aires region, which
concentrates the whole of the pending area in the country. However, harvest has covered 99.2 % of the
area, marking a week-on-week advance by 0.7 %, reducing YOY delay down to -0.8 %. Countrywide
average yield is still on a downward trend, finishing this week at 2.86 tons/Ha, accruing a partial volume
of 55.3M Tn. Final volume is expected to reach 55,500,000 tons.
Consequently, bearing in mind that the whole pending area is spread across the above mentioned
locations, countrywide harvest is likely to move slowly in the next few days, thus delaying end of season
even more. Such delay might as well compromise harvest of some plots, which will gradually lose
quality. Nevertheless, such losses would not be significant, and current estimations will remain.

SOYBEAN HARVEST As of: Jul. 17, 2014
Sown Lost Harvestable
I NOA 1.130.000 90.000 1.040.000 100,0 1.040.000 23,4 2.433.574
II NEA 1.860.000 60.000 1.800.000 100,0 1.800.000 26,0 4.681.062
III Ctro N Cba 2.480.000 45.000 2.435.000 100,0 2.435.000 32,3 7.854.790
IV S Cba 1.481.000 85.000 1.396.000 100,0 1.396.000 30,4 4.238.449
V Ctro N SFe 1.155.000 60.000 1.095.000 100,0 1.095.000 30,4 3.333.218
VI Ncleo Norte 3.635.000 105.000 3.530.000 100,0 3.530.000 33,2 11.702.471
VII Ncleo Sur 2.820.000 90.000 2.730.000 100,0 2.730.000 32,2 8.785.357
VIII Ctro E ER 1.231.000 50.000 1.181.000 100,0 1.181.000 25,3 2.989.755
IX N LP-OBA 1.590.000 60.000 1.530.000 99,8 1.526.449 26,5 4.044.003
X Ctro BA 570.000 50.000 520.000 89,9 467.565 24,5 1.143.319
XI SO BA-S LP 410.000 40.000 370.000 99,3 367.518 14,3 526.767
XII SE BA 1.581.000 80.000 1.501.000 94,0 1.411.315 18,0 2.648.962
XIII SL 160.000 20.000 140.000 100,0 140.000 20,4 286.725
XIV Cuenca Sal 200.000 10.000 190.000 94,0 178.621 27,7 520.639
XV Otras 47.000 5.000 42.000 100,0 42.000 26,1 109.671
20.350.000 850.000 19.500.000 99,2 19.340.469 28,6 55.298.761 TOTAL
2013/14 Season Hectareage (Ha) Porcentage
Harvested (%)
Yield
(qq/Ha)
Production
(Tn) Zone
Hectares
Harvested





CORN

Despite the rains of last seven days, harvest has progressed by 7 percentage points. Consequently,
countrywide harvest accounted for 65.4 % of the area, accruing a farm volume of over 16M Tn, with an
average yield of 7.4 tons/Ha. YOY delay posted 4 percentage points, finishing at -26.6 %, though delay is
still significant.
The fast corn harvest progress is due to the advance in places such as the NW Area, Cordoba and
North of La Pampa-West of Buenos Aires. These areas are producing plots with more grain moisture than
demanded by the market (between 16 and 18 % H). This is not only due to market demand, but also to
producers concern for protecting yield against plants knock-downs on account of strong winds and lack
of firmness of corn in these areas.
Finally, the North of La Pampa-West of Buenos Aires, also registered significant harvest progress last
week on account of the same factors mentioned above. Good productivity on late plots in addition to
root firmness problems and the level of demand for the crop are the factors why harvest is being carried
out with moisture, even when it is necessary to pay the cost of drying.
Based on this scenario, current projection remains at 25,000,000 Tn. This result includes adjustments
for humidity. Such volume would be falling -7.4 % from last season.

CORN HARVEST As of: Jul. 17,2014
Sown Lost Harvestable
I NOA 282.000 17.000 265.000 30,1 79.670 62 492.888
II NEA 302.000 13.000 289.000 35,8 103.352 72 746.670
III Ctro N Cba 580.000 14.000 566.000 41,8 236.400 82 1.939.860
IV S Cba 410.000 25.000 385.000 55,3 212.750 73 1.546.050
V Ctro N SFe 136.000 30.000 106.000 59,1 62.600 61 379.640
VI Ncleo Norte 360.000 7.000 353.000 91,6 323.300 87 2.818.740
VII Ncleo Sur 320.000 11.000 309.000 94,1 290.830 90 2.617.470
VIII Ctro E ER 151.000 12.000 139.000 83,6 116.237 54 633.056
IX N LP-OBA 424.000 30.000 394.000 84,2 331.900 73 2.439.220
X Ctro BA 218.000 11.000 207.000 81,1 167.775 63 1.056.245
XI SO BA-S LP 100.000 11.000 89.000 85,1 75.700 44 333.910
XII SE BA 90.000 5.000 85.000 52,9 44.925 68 304.275
XIII SL 130.000 4.000 126.000 80,6 101.495 64 647.268
XIV Cuenca Sal 48.000 4.000 44.000 94,4 41.521 69 284.875
XV Otras 19.000 3.000 16.000 100,0 16.000 52 83.400
3.570.000 197.000 3.373.000 65,4 2.204.455 74,0 16.323.566 TOTAL
2013/14 Season Porcentage
Harvested (%)
Hectares
Harvested
Yield
(qq/Ha)
Production
(Tn) Zone
Hectareage (Ha)



GRAIN SORGHUM

Sorghum harvest has progressed by 9.7 % in the last fifteen days, raising national harvest to 77 % of
the area, marking a YOY delay of 16 percentage points. Delay is mainly due to the lack of soils on plots
and roads, which hampers harvest and related fieldwork. To date, countrywide average yield reports 4.5
tons/Ha accounting for 770 thousand hectares of harvest, producing a accrued volume of 3.45M Tn.
The largest harvest progress in Buenos Aires was in the West area. The North of La Pampa-West of
Buenos Aires and Southwest of Buenos Aires-South of La Pampa are registering progress by 60 %.
Outlooks are quite different within the regions; although both areas suffered thermo-hydric stress at the
start of season, new rainfalls in the North of La Pampa-West of Buenos Aires produced yields as
expected on late plots. Conversely, the SW of Buenos Aires-South of La Pampa could not yet offset water
stress on its plots. This caused severe losses of area, and current yields report a YOY fall around 40
percentage points.
Finally, based on the above scenario, production estimates remain at 4,300,000 tons. Such volume
would be -4.5 % below last season harvest, which finished at 4.5M Tn.


GRAIN SORGHUM HARVEST As of: Jul 17, 2014
Sown Lost Harvestable
I NOA 24.000 800 23.200 70,0 16.240 35 56.840
II NEA 245.000 7.500 237.500 62,5 148.438 42 623.438
III Ctro N Cba 134.000 6.000 128.000 87,8 112.384 52 584.397
IV S Cba 44.000 2.800 41.200 67,5 27.810 52 143.222
V Ctro N SFe 205.000 10.000 195.000 87,0 169.650 47 793.962
VI Ncleo Norte 40.000 1.900 38.100 98,9 37.681 61 230.984
VII Ncleo Sur 20.000 850 19.150 84,6 16.201 62 100.446
VIII Ctro E ER 85.000 9.000 76.000 96,8 73.568 46 338.413
IX N LP-OBA 45.000 8.500 36.500 55,0 20.075 50 100.375
X Ctro BA 8.000 350 7.650 35,0 2.678 30 8.033
XI SO BA-S LP 120.000 28.000 92.000 66,7 61.364 21 128.864
XII SE BA 7.000 200 6.800 28,0 1.904 45 8.568
XIII SL 52.000 3.100 48.900 89,0 43.521 41 176.260
XIV Cuenca Sal 29.000 800 28.200 59,0 16.638 47 77.699
XV Otras 22.000 1.900 20.100 100,0 20.100 42 83.415
1.080.000 81.700 998.300 77,0 768.251 45,0 3.454.915
Hectares
Harvested
Yield
(qq/Ha)
Production
(Tn) Zone
TOTAL
2013/14 Season Hectareage (Ha) Porcentage
Harvested (%)






Buenos Aires, Jul 17, 2014 Buenos Aires Grains Exchange