Jun 27, 2024

2023/24 Argentina Corn Estimate Unchanged at 47.0 Million Tons

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The 2023/24 Argentina corn estimate was left unchanged this week at 47.0 million tons and I have a neutral to lower bias going forward.

Corn in Argentina was 49.3% harvested as of late last week with 80% harvested in the core regions, 40-60% harvested in southern Argentina, and 30% harvested in northern Argentina, This represents an advance of 9% for the week.

The nationwide corn yield is now 7,070 kg/ha (112.4 bu/ac), which is down 7.3 bushels from the prior week and it is expected to continue declining as the harvest progresses. Yields in central and northern Argentina are below expectations due to dry weather and damage from corn leafhoppers and corn stunt disease. Corn yields in southern Argentina are in line with historical averages.

The Buenos Aires Grain Exchange left their 2023/24 corn estimate unchanged last week at 46.5 million tons, which is 9.5 million tons higher than the drought plagued 2022/23 crop.