Jan 16, 2024
2023/24 Argentina Corn 85% Planted, 20% Pollinating
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
The corn in Argentina was 84.6% planted as of late last week, which represented an advance of 7% for the week. Most of the corn left to plant is in far northern Argentina where the corn is 30-40% planted.
Weather continues to improve in Argentina as the corn enters its reproductive phase. Nationwide, corn is approximately 20% pollinating and 4% filling grain. In the core production areas, the corn is 65-70% pollinating and 15-20% filling grain under good conditions. I have had a higher bias for the Argentina corn estimate for several weeks and now that a sizable portion of the crop is pollinating under good conditions, I thought it was time to increase the estimate. Therefore, the 2023/24 Argentina corn estimate was increased 3.0 million tons this week to 56.0 million and I maintain a neutral to higher bias going forward.
In the January WASDE report, the USDA left the 2023/24 Argentina corn estimate unchanged at 55.0 million tons.
The corn in Argentina is rated 5% poor/very poor, 59% fair, and 36% good/excellent. The good/excellent percentage is down 1% from the prior week. The soil moisture for the corn is rated 6% short/very short, 93% favorable/optimum, and 1% saturated. The favorable/optimum percentage is up 4% from the prior week. Below is the corn rating 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. 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) |
| Dec. 21, 2023 | 1 (27) | 37 (17) | 16 (36) | 81 (73) |
| Dec. 28, 2023 | 1 (27) | 38 (15) | 11 (36) | 87 (64) |
| Jan. 3, 2023 | 3 (38) | 37 (8) | 10 (47) | 89 (51) |
| Jan. 10, 2023 | 5 (47) | 36 (7) | 6 (60) | 93 (40) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages