Argentina received two episodes of rain last week, one early in the week and one late and the temperatures cooled as well. Many areas received a good rain, but the distribution was unequal once again. The forecast is calling for a hotter and dryer pattern to return in the short term. Any forecasted rainfall appears to be more likely across the northern part of the country.
The 2020/21 soybean crop in Argentina was 97.5% planted late last week compared to 100 last year and 98.6% average. This represented an advance of 4% for the week. The only soybeans left to plant are in far northern Argentina. The early planted soybeans are about 52% blooming and just starting to set pods.
The soybeans were rated 19% poor to very poor, 63% fair, and 18% good to excellent. The good to excellent percentage compares to 27% last week and 54% last year. The good to excellent declined 9% from last week. The soil moisture for the soybeans was rated 32% short to very short and 68% favorable to optimum. The favorable to optimum percentage compares to 51% last week and 95% last year. There is a dilemma here because the soil moisture improved, but the soybean condition declined.
The Buenos Aires Grain Exchange is estimating the soybean production at 46.5 million tons while the USDA is estimating the crop at 48.0 million, which is down 2.0 million from their December estimate. The Rosario Exchange is estimating the crop at 47.0 million tons. In 2019/20 Argentina produced 49.0 million tons of soybeans.
