2023/24 Argentina Corn Impacted by Hot and Dry Condotions

Weather last week in Argentina was generally hot and dry except for parts of Buenos Aires and La Pampa. Moisture stress was reported in many areas due to the extreme temperatures. Corn in Argentina is 43% pollinating, 20% filling grain, and 5% maturing. In the core production areas, corn development is more advanced with 65% filling grain and 15% maturing. As you can see in the pictures below, the late planted corn seems to have been impacted the most by the recent adverse weather.

The forecast for this week is for temperatures still above normal, but not as hot as last week and improved chances of rainfall across most of Argentina. For the most severely affected corn, the damage has already been done and any rainfall going forward would help to stabilize the crop, but not add back the yields already lost.

Therefore, the 2023/24 Argentina corn estimate was lowered 2.0 million tons this week to 54.0 million. In the February WASDE Report, the USDA left the 2023/24 Argentina corn estimate unchanged at 55.0 million tons. The Buenos Aires Grain Exchange is estimating the corn crop at 56.5 million tons.

The corn in Argentina was rated 15% poor/very poor, 54% fair, and 31% good/excellent as of late last week. The good/excellent percentage is down 3% compared to the prior week. The soil moisture for the corn was rated 40% short/very short and 60% favorable optimum. The favorable/optimum percentage is down 12% compared to the prior week.

2023/24 Argentina Corn Ratings*

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

Tags: corn, estimate, Argentina, extreme temperatures, moisture stress