2022/23 Argentina Soybean Estimate Unchanged at 22.0 Million Tons

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The 2022/23 Argentina soybean estimate was left unchanged this week at 22.0 million tons. The average nationwide soybean yield last week was 1,500 kg/ha (22.3 bu/ac), which was unchanged from the prior week. With only 13% of the soybeans left to harvest, the soybean yield and production estimate are expected to remain relatively steady as the harvest wraps up.

Soybeans in Argentina were 87% harvested as of late last week compared to 97% last year and 96% average. This represented an advance of 8.7% for the week. The harvest is essentially wrapping up in central Argentina, while the soybeans are 60-70% harvested in southern Argentina and in far northern Argentina.

The graph below from the Buenos Aires Grain Exchange shows the soybean harvest progress in Argentina (black line).

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The 2022/23 soybeans in Argentina were rated 40% poor/very poor, 42% fair, and 18% good/excellent as of late last week. The good/excellent percentage was up 13% from the prior week because only the better-quality soybeans are left to harvest. Below is the soybean condition rating in Argentina from the Buenos Aires Grain Exchange for June 1, 2023.

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2022/23 Argentina Soybean Ratings*

Condition Soil Moisture
Poor/V. Poor % Good/Excellent % Short/V Short Favorable/Optimum
Apr. 27, 2023 65 (15) 3 (18) 52 (18) 48 (79)
May 4, 2023 63 (17) 2 (14) 51 (22) 49 (77)
May 11, 2023 59 (23) 4 (13) 46 (26) 54 (73)
May 18, 2023 56 (21) 4 (14) 49 (28) 51 (71)
May 24, 2023 56 (21) 5 (14) 39 (27) 61 (63)
Jun. 1, 2023 40 (21) 18 (14) 28 (43) 72 (57)

*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages

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