Nov 30, 2023

2023/24 Argentina Soybeans 35% Planted, Up 17% Last Week

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

Precipitation in Argentina was limited last week and over the weekend with a few light showers across northern Argentina. Dryness concerns continue across southern and western areas where they need additional precipitation. Rain is expected to return to Argentina this week which should led to improved soil moisture in most of the major production areas. Dryer weather is expected to return to central and southern areas in the 6-10 day period.

The Buenos Aires Grain Exchange has already increased the 2023/24 soybean acreage 200,000 hectares to 17.3 million due to farmers switching some of their intended early planted corn and sunflowers to soybeans instead. With approximately 70% of the corn left to plant and the election of Javier Milei as Argentina's new president (see prior article), I would not be surprised if farmers in Argentina switch more than 200,000 hectares of corn and sunflowers to soybeans instead.

If the weather cooperates during the growing season, the 2023/24 Argentina soybean production could end up being greater than the current estimate of 50.0 million tons.

The soybeans in Argentina were 34.8% planted as of late last week which represents an advance of 17.4% for the week. In the core production areas, the soybeans are 50-60% planted with 10-30% planted in southern areas and 0% planted in far northern Argentina.

There has been some isolated replanting of soybeans in the core areas, but the crop has generally good emergence and plant populations. Some double crop soybeans have already been planted after the early wheat harvest. Below is the 2023/24 soybean planting progress (black line) from the Buenos Aires Grain Exchange.