Nov 27, 2019

Dry Areas of Argentina Received Showers, Soybeans 32% Planted

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

The weather in Argentina continues to be so-so with good soil moisture in the core production regions, but less than adequate soil moisture in most of the southern and western areas. They did receive some much needed rain in western Argentina over the weekend.

The 2019/20 soybean crop in Argentina was 31.3% planted as of late last week according to the Buenos Aires Grain Exchange. This represents an advance of 11.6% for the week, but it is still a little slower than average. In the core production areas, the soybeans are 50-55% planted with 15-30% in southern Argentina and very few soybeans planted in far northern Argentina.

As expected, farmers in Argentina are switching some of their intended corn acreage to soybeans instead out of fear that the new administration in Argentina might increase commodity export taxes. Both the Buenos Aires Grain Exchange and the Argentine government increased their 2019/20 soybean acreage last week by 100,000 hectares. The Grain Exchange is estimating the soybean acreage at 17.7 million hectares and the Argentine government is estimating the soybean acreage at 17.2 million hectares.

For his part, the President Elect, Alberto Fernandez, has said very little concerning his farm policies, but the assumption is that he will adopt farm policies similar to what Mrs. Cristina Fernandez de Kirchner had when she was president.