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.
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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 July. 24, 2014

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



WEEKLY AGRICULTURAL WEATHER OUTLOOK

BUENOS AIRES GRAINS EXCHANGE

July 24, 2014

AGRICULTURAL WEATHER OUTLOOK; JULY 24 TO 30, 2014: PRECIPITATIONS OVER
THE NORTHEAST OF THE AGRICULTURAL AREA, FOLLOWED BY A SHARP
TEMPERATURE DROP WITH LIKELIHOOD OF FROSTS AND SNOWFALL, AND A LATER
TEMPERATURE RISE.


OUTLOOK SUMMARY
At the beginning of the perspective, the passage of a Pampero front will bring precipitations to the south of the
Andes range and to the northeast-end of the agricultural area. The rest of the Ag. Area, however, will only receive
scarce values. Due to the scarce levels of humidity and the low temperature of the polar air mass that will accompany
the front, there will be chances of snowfall over the west, south and center of Argentina. This condition could expand
into the south of Uruguay. However, the entrance of humid air from the Atlantic ocean could considerably reduce the
area affected by the snowfall. The front will be followed by a polar air mass that will lead to a sharp temperature drop
with likelihood of frosts over most part of the Ag. Area. Northerly winds will return towards the middle of the
perspective, raising temperatures above normal in the north and center of the Ag. Area, while the South will remain
under the influence of cold winds.

WHEAT
Planting made good progress along the West margin of the Ag region, while the Mid-East still reports
delays. Some locations are struggling, despite the intended reduction of area: Center, East and SE of Buenos
Aires.

To date, sowing accounts for 87.8 % out of an estimated 4,200,000 hectares, 16 % up from last season
(2013/14: 3.62M Ha). Week-on-week advance posted 7.8% and the YOY delay was -4.9 %. Overall, the area
covered amounts to 3.69M Ha.
In the Mid-East of Entre Ros there are birth problems stemming from a shortage in the plant stand
and potential yield drops. There were also cases of plots rotting at the level of roots and leaves, with the
highest impact appearing in the South of the province.

Towards the North of the Ag region, i.e the NW and NE Areas, Mid-North of Cordoba and Mid-North of
Santa Fe, wheat sowing has finished, with good moisture reserves.

WHEAT PLANTING As of: Jul 24, 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 156.000 177.000 100,0 177.000
V Ctro N SFe 192.000 215.000 100,0 215.000
VI Ncleo Norte 315.000 355.000 99,0 351.450
VII Ncleo Sur 280.000 294.000 90,0 264.600
VIII Ctro E ER 180.000 200.000 91,0 182.000
IX N LP-OBA 300.000 330.000 97,0 320.100
X Ctro BA 165.000 140.000 85,0 119.000
XI SO BA-S LP 800.000 920.000 89,0 818.800
XII SE BA 650.000 680.000 56,0 380.800
XIII SL 4.000 5.000 100,0 5.000
XIV Cuenca Sal 60.000 60.000 50,0 30.000
XV Otras 8.000 9.000 100,0 9.000
3.620.000 4.200.000 87,8 3.687.750
Hectareage (Ha) Porcentage
planted (%)
Hectares
planted
TOTAL
Zone
2014/15 Season


SOYBEAN
Countrywide harvest made weekly progress of only 0.3 %, raising harvested area to 99.5 %.
Consequently, production amounts to 55.4M Tn, representing a historical record. Anyway, final productivity
is expected to finish at 55,500,000 tons, marking a YOY increase of 14.4 % (12/13: 48.5M Tn). Average yield
posts 2.86 Tn/Ha.

Only 100,000 hectares remain to finish harvest, which are mostly concentrated in the province of
Buenos Aires. Most of the pending area sits in the SE of Buenos Aires, and it is expected to be harvested in
the next few days to close season 2013/14.

SOYBEAN HARVEST As of: Jul. 24, 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 1.530.000 100,0 1.530.000 26,5 4.051.211
X Ctro BA 570.000 60.000 510.000 96,0 489.600 24,5 1.199.927
XI SO BA-S LP 410.000 40.000 370.000 99,8 369.269 14,3 528.625
XII SE BA 1.581.000 80.000 1.501.000 94,7 1.421.447 18,0 2.662.737
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 98,6 187.344 27,6 543.152
XV Otras 47.000 5.000 42.000 100,0 42.000 26,1 109.671
20.350.000 860.000 19.490.000 99,5 19.386.660 28,6 55.400.725
Yield
(qq/Ha)
Production
(Tn) Zone
Hectares
Harvested
TOTAL
2013/14 Season Hectareage (Ha) Porcentage
Harvested (%)


CORN
Commercial corn harvest took momentum in the last seven days, posting weekly progress for 7%.
YOY delay is -20 %. Harvest countrywide covered 72.4 % of the area, accounting for more than 2.45M Ha,
accruing a farm volume of 18.3M Tn and an average yield of 7.47 Tn/Ha.

The main progress was observed in the North provinces, in the NE and NW Areas, as well as the
North of Cordoba. Late plots are harvesting at good pace, despite having grain moisture levels above market
requirements. Yields match pre-harvest estimations.

Finally, the province of Buenos Aires is making slow and uneven progress, owing to severe water
excess. Some locations in the SE and center of the province are just starting to harvest late plots.

Based on the above, final estimations remain at 25,000,000 tons, which would fall by -7.4 % from last
season.

CORN HARVEST As of: Jul. 24, 2014
Sown Lost Harvestable
I NOA 282.000 17.000 265.000 55,6 147.470 63,7 939.094
II NEA 302.000 13.000 289.000 42,3 122.330 72,9 892.025
III Ctro N Cba 580.000 14.000 566.000 50,9 287.900 83,2 2.396.150
IV S Cba 410.000 25.000 385.000 68,7 264.425 74,6 1.971.508
V Ctro N SFe 136.000 30.000 106.000 60,5 64.150 61,0 391.110
VI Ncleo Norte 360.000 7.000 353.000 94,1 332.300 87,6 2.911.800
VII Ncleo Sur 320.000 11.000 309.000 94,9 293.200 90,4 2.651.440
VIII Ctro E ER 151.000 12.000 139.000 88,4 122.932 55,0 676.573
IX N LP-OBA 424.000 30.000 394.000 86,9 342.250 73,6 2.519.950
X Ctro BA 218.000 11.000 207.000 85,3 176.490 66,8 1.178.577
XI SO BA-S LP 100.000 11.000 89.000 90,4 80.500 44,9 361.270
XII SE BA 90.000 5.000 85.000 57,1 48.500 69,7 337.880
XIII SL 130.000 4.000 126.000 88,6 111.635 63,9 713.178
XIV Cuenca Sal 48.000 4.000 44.000 95,6 42.057 69,1 290.745
XV Otras 19.000 3.000 16.000 100,0 16.000 52,1 83.400
3.570.000 197.000 3.373.000 72,7 2.452.139 74,7 18.314.699
Porcentage
Harvested (%)
Hectares
Harvested
Yield
(qq/Ha)
Production
(Tn) Zone
Hectareage (Ha)
TOTAL
2013/14 Season


BARLEY

Sowing of barley is still difficult due to water excess. Therefore, the estimation of area was reduced
by around 130,000 Ha from the initial projection. The latest estimation is 920,000 hectares, -28 % down from
last season (2013/14: 1.27M Ha).

To date, sowing has covered 68.7 % of the new estimation, posting a YOY delay for -16.7 % and a
weekly advance of 25.3 %. Overall, sown area accounts for 630,000 Ha. The main sowing progress is found in
the Mid-North of the country, while the South is still delayed.

The areas that are most affected by water excess are Cuenca del Salado, center and SE of Buenos
Aires, with an average YOY delay of 35 %. These locations are mostly accountable for the adjustments to the
area.

BARLEY PLANTING As of: Jul 24, 2014
2013/14 2014/15
I NOA - - -
II NEA - - -
III Ctro N Cba 500 600 100 600
IV S Cba 5.000 3.500 90 3.150
V Ctro N SFe 1.500 900 100 900
VI Ncleo Norte 25.000 16.000 100 16.000
VII Ncleo Sur 90.000 54.000 85 45.900
VIII Ctro E ER 3.000 2.000 80 1.600
IX N LP-OBA 110.000 75.000 87 65.250
X Ctro BA 63.000 35.000 39 13.650
XI SO BA-S LP 245.000 195.000 57 111.150
XII SE BA 710.000 530.000 70 371.000
XIII SL - - 0 -
XIV Cuenca Sal 17.000 8.000 30 2.400
XV Otras - - 0 -
1.270.000 920.000 68,7 631.600
Porcentage
planted (%)
Hectares
planted Zone
TOTAL
2014/15 Season Hectareage (Ha)




Buenos Aires, July 24, 2014 Buenos Aires Grains Exchange