Nov 15, 2023

2023/24 Argentina Soybeans 6% Planted vs. 19% Average

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

Weather in Argentina has improved over the last few weeks and showers were active across northern Argentina over the weekend. Over the next 10 days, rains are expected to be scattered and light across the major growing areas. Western Argentina could use some rain, especially in Cordoba.

The soybeans were 6.1% planted late last week compared to 19% average. There is a strong possibility that the soybean acreage could increase going forward. In the northern core area, the farmers were not able to plant all their early corn, so some of those hectares may be switched to soybeans. In western Buenos Aires, some of the sunflowers were not planted and those hectares may go to soybeans as well. It is too early though to say how much might be switched.

The Buenos Aires Grain Exchange is estimating the soybean acreage at 17.1 million hectares while the USDA is estimating the acreage at 16.4 million hectares. I have been estimating the acreage at 16.7 million hectares. If the weather cooperates for planting, the soybean acreage could end up above 17 million hectares.

Soybean planting in Argentina is getting off to a slow start, but it is too early to say it could have a negative impact on the potential yield. If the weather cooperates for the remainder of the growing season, and that is a big if, the soybean yields in Argentina could be normal. Stay tuned.

Below is the 2023/24 Argentina soybean planting progress (black line) from the Buenos Aires Grain Exchange.