Rain has brought some relief to the drought that is being experienced in Argentina, where it has been the hottest and driest summer in 55 years. More rain is needed for the soy crop to come in at predicted levels, according to the Agricultural Secretary on Saturday in Buenos Aires.

Argentina is the world's third largest grower and exporter of soybean and the number one exporter of soy oil and soy-meal, having the worlds most advanced crushing facilities.

Farmers have dedicated more land to soy than ever this season, some 17.8 million hectares as many switched to soy from what and corn owing to the dry season.

The plants are now close to flowering, so the rains of the last few days have been essential in saving the crop. Should the rain continue and conditions hold, Argentina will produce over 50 million tons of soy this year an all time record.