Jan 16, 2024
2023/24 Argentina Soybeans 93% Planted, 30% Blooming
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Soybeans in Argentina were 93% planted as of late last week, which represents an advance of 7% for the week. Most of the soybeans left to plant are in the far northern part of the country. Approximately 30% of the soybeans are blooming under nearly ideal moisture conditions.
The weather continues to improve in Argentina as the soybeans enter reproduction and the forecast looks favorable as well. I have had a higher bias for the Argentina soybean estimate for several weeks and now that the crop is entering reproduction under favorable conditions, I decided to increase the estimate 2.0 million tons to 52.0 million and I maintain a neutral to higher bias going forward.
In the January WASDE report, the USDA increased the 2023/24 Argentina soybean estimate by 2.0 million tons to 50.0 million.
The soybeans in Argentina are rated 3% poor/very poor, 46% fair, and 51% good/excellent. The good/excellent percentage is up 9% compared to the prior week. The soil moisture for the soybeans is rated 6% short/very short, 92% favorable/optimum, and 2% saturated. The favorable/optimum percentage is up 2% from the prior week. Below is the soybean rating from the Buenos Aires Grain Exchange.
2022/23 Argentina Soybean Ratings*
| Condition | Soil Moisture | |||
|---|---|---|---|---|
| Poor/V. Poor % | Good/Excellent % | Short/V Short | Favorable/Optimum | |
| Dec. 7, 2023 | 2 (1) | 35 (78) | 15 (7) | 84 (91) |
| Dec. 14, 2023 | 4 (1) | 30 (85) | 13 (9) | 86 (84) |
| Dec. 21, 2023 | 3 (4) | 37 (73) | 6 (42) | 91 (58) |
| Dec. 28, 2023 | 3 (30) | 40 (10) | 7 (45) | 91 (55) |
| Jan. 3, 2024 | 2 (40) | 42 (7) | 9 (46) | 90 (54) |
| Jan. 10, 2024 | 3 (58) | 51 (4) | 6 (67) | 92 (33) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages