Argentina floods swamp soy crop; some must commute by boat

AP News
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Posted: Apr 29, 2016 7:20 PM
Argentina floods swamp soy crop; some must commute by boat

VILLA PARANACITO, Argentina (AP) — Water levels in the flooded town of Villa Paranacito have risen so much that the best way for residents to commute is by boat.

The town in eastern Argentina is one of the worst-struck by weeks of heavy rains stemming from the El Nino weather phenomenon. With streets covered by several feet of water from swollen rivers, residents are getting to schools, banks and other town services on boats, the only means of transportation.

Authorities have evacuated thousands of people across Argentina. Flood waters have reached grazing grounds, drowning livestock in the leading meat producing country. They have also swamped about a third of Argentina's soy farms, causing big losses to one of the world's top grains suppliers.

Argentina's Rural Society said Thursday that about 4 million metric tons of soy had been ruined. The losses are estimated at up to $1.3 billion.

Soybean prices at the Chicago Board of Trade fell Friday, after rising for weeks to nearly a one year-high on growing concerns about the damaged crops in Argentina, which is the world's No. 3 soy exporter.