Feb 27, 2024
2023/24 Argentina Soy Rating Unchanged at 31% Good/Excellent
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Rainfall last week and over the weekend in Argentina favored Cordoba, Santa Fe, and Entre Rios. The moisture declined again in La Pampa and Buenos Aires. Rainfall this week will again favor northern Argentina with dryer weather forecasted for southern Argentina.
Approximately one-third of the early planted soybeans are filling pods and 20% of the late planted soybeans are setting pods. There are no reports yet of soybeans being harvested in Argentina, but yields of the early planted soybeans are expected to be negatively impacted by the previously hot and dry conditions. Yields of the later planted soybeans are expected to be higher if the weather cooperates going forward.
The Rosario Grain Exchange lowered their 2023/24 Argentina soybean estimate 2.5 million tons last week to 49.5 million. The Buenos Aires Grain Exchange is estimating the 2023/24 Argentina soybean crop at 52.5 million tons.
The 2023/24 soybean crop in Argentina was rated 17% poor/very poor, 52% fair, ad 31% good/excellent as of late last week. The percentage of the crop rated good/excellent was unchanged from the prior week. The soil moisture for the soybeans was rated 33% short/very short and 67% favorable optimum. The percentage rated favorable/optimum was down 6% from the prior week. Below is the soybean rating for February 21, 2024 from the Buenos Aires Grain Exchange.
2022/23 Argentina Soybean Ratings*
| Condition | Soil Moisture | |||
|---|---|---|---|---|
| Poor/V. Poor % | Good/Excellent % | Short/V Short | Favorable/Optimum | |
| Jan. 17, 2024 | 2 (56) | 55 (4) | 7 (69) | 90 (31) |
| Jan. 24, 2024 | 8 (53) | 44 (7) | 9 (64) | 90 (36) |
| Jan. 31, 2024 | 14 (52) | 36 (14) | 23 (51) | 77 (49) |
| Feb. 7, 2024 | 22 (44) | 31 (16) | 40 (61) | 60 (39) |
| Feb. 14, 2024 | 19 (53) | 31 (10) | 27 (68) | 73 (32) |
| Feb. 21, 2023 | 17 (58) | 31 (2) | 33 (72) | 67 (28) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages