Storms in Argentina bad news for food prices

From theglobeandmail.com

Christmas rainstorms in Argentina further delayed soy and corn planting, keeping markets guessing about whether the grains powerhouse can produce enough this season to help bring high-flying global food prices down to earth. The South American country is the world’s No. 2 corn exporter after the United States and the No. 1 soyoil and soymeal supplier. But sowing in the central Pampas farm belt lags last season’s tempo by about 20 percentage points, said Tomas Parenti, an agronomist with the Rosario grains exchange. Up to 100 millimetres of rain fell late on Monday and early Tuesday, forcing some ... (full story)