Argentina has finished harvesting soybeans

Argentina’s 2023/24 soybean season ended with a harvest of 50.5 million tons, the highest in five years, the Buenos Aires Grain Exchange reported on Thursday, even though the intense summer heat dried up the crop.

Initially, the exchange predicted a harvest of 52.5 million tons.

“The soybean harvest is considered complete,” the exchange said in its weekly report, noting that the average yield was 29.9 centners (2.99 tons) per hectare, the second highest in five seasons.

According to official data, as of June 26, Argentine farmers sold 44.3% of their grain production. The government estimates this season’s soybean harvest at 49.7 mln tons, oilworld.ru reports citing Reuters.

The US is the largest exporter of soybean oil and meal.

As for corn, the exchange said that farmers have already harvested about 62.9% of the acreage and that it expects the season’s harvest to be about 46.5 million tons. In recent days, it added, the main agricultural province of Córdoba has recorded higher yields than expected.

The report also says that farmers have meanwhile planted 85.3% of the 6.3 million hectares forecast for the 2024/25 wheat season.

Tags: Argentina, soybean, harvesting