2023/24 Argentia Soybeans 60% Planted, Weather Improving

After a dryer than normal start to the growing season, the weather in Argentina has turned more cooperative although some areas are getting too much of a good thing. Excess moisture and localized flooding has been reported in parts of Santa Fe and Entre Rios. The rainfall last week and over the weekend favored Santa Fe, Entre Rios, La Pampa, and Buenos Aires. Some of the storms on Sunday were severe in Buenos Aires province with heavy rains and high winds.

The rains improved the soil moisture considerably across those regions and were a net benefit for the corn and soybeans. Rains will remain active across northern and northeastern Argentina this week, which could lead to localized flooding.

The Argentina soybean estimate was left unchanged at 50.0 million tons, but it could move higher if the weather continues to cooperate. The Buenos Aires Grain Exchange is estimating the crop at 50.0 million tons, with the Rosario Exchange at 50.0 million and the USDA at 48.0 million tons.

Soybeans in Argentina were 59.5% planted as of late last week compared to 50% last year. This represents an advance of 7.8% for the week. In the core production areas, the soybeans were 80-90% planted with 25-50% planted in southern Argentina and 5-6% planted in far northern Argentina. In the core production areas, farmers are nearing completion of the early soybean planting and starting to plant the double crop soybeans. Below is the Argentina soybean planting progress from the Buenos Aires Grain Exchange.

The 2023/24 soybeans in Argentina were rated 4% poor/very poor, 66% fair, and 30% good/excellent as of late last week. The good/excellent percentage was down 5% from the prior week. The soil moisture for the soybeans was rated 13% short/very short, 86% favorable/optimum, and 1% excessive. The favorable/optimum was up 2% from the prior week. Below is the Argentina soybean crop condition from the Buenos Aires Grain Exchange.

2022/23 Argentina Soybean Ratings*

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

Tags: Argentina, planted, soybeand, rainfall, estimate, soybeans, crop