Dec 19, 2023
2023/24 Argentina Corn 50% Planted, Weather is Beneficial
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
The recent weather in Argentina has generally been beneficial for the corn crop in Argentina except for excess moisture and localized flooding in some of the north-central and eastern areas. Strong storms and high winds occurred over the weekend across Buenos Aires province and the excess moisture could slow corn planting.
Argentina's corn estimate was increased 1.0 million tons this week to 53.0 million due to the improved weather. The final corn acreage may end up slightly smaller than originally anticipated, especially if excess moisture slows the final corn planting. The Buenos Aires Grain Exchange is estimating the Argentina corn production at 55.0 million tons with the Rosario Exchange at 56.0 million and the USDA at 55.0 million tons.
Argentina's corn was 49.3% planted as of late last week compared to 42.6% last year and 53.8% average. In the core production areas, the corn is 60-70% plated with 70-80% planted in southern Argentina and 1-3% planted in far northern Argentina. Corn in Argentina is 5% pollinating nationwide with approximately 20% pollinating in the core areas.
The 2023/24 corn in Argentina was rated 1% poor/very poor, 59% fair, and 40% good/excellent as of late last week. The good/excellent percentage was up 4% compared to the prior week. The soil moisture for the corn was rated 24% short/very short, 74% favorable/optimum, and 2% excessive. The favorable/optimum percentage was down 1% from the prior week. Below is the Argentina corn crop condition from the Buenos Aires Grain Exchange.
2023/24 Argentina Corn Ratings*
| Condition | Soil Moisture | |||
|---|---|---|---|---|
| Poor/V. Poor % | Good/Excellent % | Short/V Short | Favorable/Optimum | |
| Nov. 9, 2023 | 10 (34) | 24 (9) | 30 (42) | 70 (56) |
| Nov. 16, 2023 | 6 (28) | 29 (11) | 25 (34) | 75 (66) |
| Nov. 23, 2023 | 4 (25) | 29 (12) | 25 (32) | 75 (68) |
| Nov. 30, 2023 | 2 (25) | 26 (15) | 24 (30) | 76 (70) |
| Dec. 7, 2023 | 2 (26) | 36 (18) | 24 (33) | 75 (67) |
| Dec. 14, 2023 | 1 (23) | 40 (18) | 24 (28) | 74 (71) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages
Note: Farmers in Argentina are flatly opposed to President Milei's proposal to increase the export tax for corn and wheat from 12% to 15%. The government also indicated that they intend to increase the export tax on soybean meal and soybean oil from the current 31% to 33%, which is the same as for soybeans. This seems to be an odd proposal since he promised to eliminate taxes on agricultural exports, not increase them.