Water levels in the flood-hit Argentine 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. 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.

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.