Exchange holds forecast for Argentine wheat crop, despite rains.

Rains have left much of Argentina’s wheat fields with excess moisture, but not enough to warrant crop writedowns. The Buenos Aires grains exchange said that 34% of Argentina’s newly-sown wheat crop was on land containing excess moisture thanks to rains which forecasters expect to return to parts of the wheat belt, including southern Santa Fe and north east Buenos Aires province, this weekend. A large part of the country maintains a status of excess water, adding that his continues to affect the growth and development of crops. In parts of La Pampa and Buenos Aires province, the excess moisture was also hampering applications of nitrogen fertilizers and agrichemicals to tackle the fungal diseases often encouraged by wet conditions.