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 May. 15, 2014

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



WEEKLY AGRICULTURAL WEATHER OUTLOOK

BUENOS AIRES GRAINS EXCHANGE

May 15, 2014

AGRICULTURAL WEATHER OUTLOOK: MAY 15 TO 21, 2014: PRECIPITATIONS OVER THE NORTH
OF THE AGRICULTURAL AREA AND SHARP TEMPERATURE DROP.

OUTLOOK SUMMARY
The current perspective begins with the passage of a storm front that will bring precipitations to the norhteast
and the southern end of the agricultural area. The rest of the area will report scarce values. The front will be
accompanied by the entrance of southerly winds, leading lows below average. There will be likelihood of frosts in the
south of the agricultural area and the south of Uruguay. Towards the end of the perspective, northerly winds will return
raising temperatures in the north and the center of the agricultural area, while the South will remain under the
influence of cold winds.


WHEAT
The first 2014/15 wheat plots have been incorporated in the last few days. Sowing started in several
provinces: Salta, Corrientes, the Mid-North of Crdoba, and the South tip of Buenos Aires. The plantations
observed are still scarce nationwide.

In the NW Area moisture supplies are not adequate, which curbs area expansions. Nevertheless, the
wheat area is expected to grow from 2013/14, which suffered a hard fall of area due to a severe drought.
Conversely, the districts of C. Patagones and Villarino started sowing with good moisture supplies.

The SE and SW wheat Belts of Buenos Aires are expecting an area increase from last season. This is
mainly because the barley area is likely to dwindle, although the total barley and wheat area combined will
remain the same as last season.

SOYBEAN HARVEST As of: May. 15, 2014
Sown Lost Harvestable
I NOA 1.130.000 90.000 1.040.000 23,4 243.526 22,6 549.558
II NEA 1.860.000 60.000 1.800.000 11,6 209.661 29,9 627.782
III Ctro N Cba 2.480.000 45.000 2.435.000 83,0 2.019.906 32,5 6.563.407
IV S Cba 1.481.000 85.000 1.396.000 84,3 1.176.946 30,7 3.610.122
V Ctro N SFe 1.155.000 60.000 1.095.000 60,5 662.439 31,5 2.083.946
VI Ncleo Norte 3.635.000 105.000 3.530.000 97,8 3.451.585 33,2 11.449.876
VII Ncleo Sur 2.820.000 90.000 2.730.000 88,6 2.417.647 32,5 7.859.677
VIII Ctro E ER 1.231.000 50.000 1.181.000 88,0 1.039.654 25,6 2.658.352
IX N LP-OBA 1.590.000 60.000 1.530.000 65,3 999.335 27,6 2.760.992
X Ctro BA 570.000 50.000 520.000 37,5 194.757 27,6 538.157
XI SO BA-S LP 410.000 40.000 370.000 43,2 159.732 15,9 253.676
XII SE BA 1.581.000 70.000 1.511.000 18,9 285.579 22,6 644.630
XIII SL 160.000 20.000 140.000 75,1 105.070 19,4 203.988
XIV Cuenca Sal 200.000 10.000 190.000 39,4 74.870 33,1 247.603
XV Otras 47.000 5.000 42.000 47,5 19.954 16,9 33.626
20.350.000 840.000 19.510.000 66,9 13.060.663 30,7 40.085.393 TOTAL
2013/14 Season Hectareage (Ha) Porcentage
Harvested (%)
Hectares
Harvested
Yield
(qq/Ha)
Production (Tn)
Zone

Toward the center of the Ag region the area is expected to grow as well.
Consequently, planting area is forecast as 4,300,000 hectares. Such area would represent a YOY
increase by 18.8 % from last season (2013/14: 3.62 MHA).


SOYBEAN
Soybean harvest has covered an estimated 66.9 % of the area, showing slow week-to-week progress
by only 3 %, and a YOY gap of -23.3 %. Overall, more than 13 MHA were harvested, reporting a falling average
yield which is now at 3.07 Tn/Ha. Partial volume accrued is over 40 MTN, and season-end forecast remains at
55,500,000 tons, which would represent a new record production. Harvest YOY increase is 14.4% up from last
season.

Rains of varying intensity were observed throughout the Ag region since the last publication, with the
largest volumes falling on the NW Area, Mid-North of Crdoba and Mid-North of Santa Fe, and parts of the
North and South Belts. These precipitations are slowing down the recovery of soils and rural roads. The
main YOY harvest delays were seen in the North provinces, where the gap is of more than -60 %, followed by
the Mid-North of Santa Fe, Center and SE of Buenos Aires with delays of over -30 % from last season.

If harvest delays continue on account of wet environments there might be an impact on the quality of
the bean, as well as a risk of yield loss from husking.




CORN
Once again the rainfalls are slowing down corn harvest in most of the Ag region. In addition,
producers are opting for soybean. Therefore, weekly progress acoounts for only 2.8 %, reporting a sharp
YOY fall of -16%. To date, 30 % of the area was harvested, resulting in an overall area of more than 1 million
hectares. Current average yield is 7.27 Tn/Ha, accruing a farm volume of 7.4 MTN.

Harvest of early sowings is still delayed in the Belt zones that have reached commercial ripeness.
Meanwhile, late and second plots are being delivered, awaiting harvest.

Based on the above scenario, harvest forecast remains at 24,000,000 tons. However, adjustments
might be made on account of good yields expected in the above mentioned areas.







CORN HARVEST As of: May. 15,2014
Sown Lost Harvestable
I NOA 282.000 15.000 267.000 3,8 10.080 55 55.440
II NEA 302.000 12.000 290.000 9,6 27.825 47 129.386
III Ctro N Cba 580.000 13.000 567.000 9,0 51.000 75 382.500
IV S Cba 410.000 25.000 385.000 13,2 50.835 58 293.448
V Ctro N SFe 136.000 28.000 108.000 40,7 44.000 55 242.000
VI Ncleo Norte 360.000 7.000 353.000 73,3 258.640 85 2.197.540
VII Ncleo Sur 320.000 11.000 309.000 66,8 206.350 88 1.815.880
VIII Ctro E ER 151.000 12.000 139.000 57,6 80.084 51 410.112
IX N LP-OBA 424.000 30.000 394.000 30,9 121.685 76 924.713
X Ctro BA 218.000 11.000 207.000 36,8 76.250 58 442.250
XI SO BA-S LP 100.000 11.000 89.000 40,2 35.750 48 171.600
XII SE BA 90.000 5.000 85.000 16,8 14.300 68 97.240
XIII SL 130.000 4.000 126.000 15,8 19.920 52 103.584
XIV Cuenca Sal 48.000 4.000 44.000 38,1 16.785 68 114.138
XV Otras 19.000 3.000 16.000 28,8 4.600 45 20.700
3.570.000 191.000 3.379.000 30,1 1.018.104 72,7 7.400.531
Porcentage
Harvested (%)
Hectares
Harvested
Yield
(qq/Ha)
Production
(Tn) Zone
Hectareage (Ha)
TOTAL
2013/14 Season



















Buenos Aires, May 15, 2014 Buenos Aires Grains Exchange