Jun 07, 2023
2022/23 Argentina Soybean Estimate Unchanged at 22.0 Million Tons
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
The 2022/23 Argentina soybean estimate was left unchanged this week at 22.0 million tons and I have a neutral to slightly lower bias going forward. 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).
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.
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