BUENOS AIRES, Jan 11 (Reuters) - Soybean planting in Argentina for the current season is nearly finished, the Buenos Aires grains exchange said on Thursday, citing improvements for the crop stemming from wet conditions compared to the previous drought-affected season.
Argentina is one of the two biggest global exporters of processed soybeans, and the country's agricultural heartland has benefited from the climate phenomenon known as El Nino, which has dumped large volumes of rain on farms.
Soy farmers have planted about 93% of the 17.3 million hectares (42.7 million acres) planned for the grain, the exchange said.
In a report, the exchange noted that 98% of planted areas feature a "normal/excellent crop condition," with almost 30% of the area at the start of the reproductive stage experiencing "optimal" water conditions.
In a separate statement, the Rosario grains exchange said on Thursday that 60% of Argentina's core farming area offered excellent conditions, up from 50% just a week ago, also thanks to the recent rains.
On Wednesday, the Rosario exchange revised its 2023/24 soybean harvest to 52 million metric tons.
The Buenos Aires exchange added that plantings for the 2023/24 corn crop have advanced to about 85% of the 7.1 million hectares it has estimated for the season.
The exchange noted that much of early corn in the country's center is "currently going through the yield determination period with sufficient water reserves and proper health conditions."
Argentina is world's third-largest corn exporter.
The Rosario exchange sees this season's corn harvest hitting a record 59 million tons.
Meanwhile, the harvest of the country's 2023/24 wheat crop is about 94% complete, according to the Buenos Aires exchange, which maintained its production estimate for the grain at 15.1 million tons. (Reporting by Maximilian Heath; Editing by Cynthia Osterman)
