Mar 12, 2024
2023/24 Argentina Corn Rated 29% Gd/Ex, Down 1%
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Rainfall last week and over the weekend favored central and northern areas with the heaviest amounts in Entre Rios and west central Buenos Aires. Rainfall this week is expected to favor south central and southeastern areas with heaviest amounts in northern Buenos Aires. Above normal temperatures are expected across northern Argentina.
The corn harvest in Argentina was 2.1% complete as of late last week with an average yield of 8,530 kg/ha (135.6 bu/ac). The range of yields thus far is from a low of 116 bu/ac in north-central Santa Fe and central Entre Rios to a high of 156 bu/ac in the northern core region. In the March WASDE Report, the USDA increased the Argentina corn estimate 1.0 million tons to 56.0 million.
In a report issued last Friday, the Rosario Grain Exchange reported that from January 1st through March 6th, Argentina exported 1.6 million tons of corn, which is the most in five years for that period. The exchange indicated that farmers are selling the 9.6 million tons of carryover corn from the 2022/23 season in anticipation of a good harvest in 2023/24. The Rosario Exchange is estimating that Argentina will produce 57.0 million tons of corn in 2023/24.
The 2023/24 corn crop in Argentina was rated 13% poor/very poor, 58% fair, and 29% good/excellent. The good/excellent percentage is down 1% from the prior week. The soil moisture for the corn was rated 23% short/very short and 77% favorable/optimum. The favorable/optimum percentage was up 1% compared to the prior week. Below is the Argentine corn estimate as of March 6, 2024 from the Buenos Aires Grain Exchange.
2023/24 Argentina Corn Ratings*
| Condition | Soil Moisture | |||
|---|---|---|---|---|
| Poor/V. Poor % | Good/Excellent % | Short/V Short | Favorable/Optimum | |
| Jan. 31, 2023 | 14 (36) | 36 (16) | 23 (47) | 77 (48) |
| Feb. 7, 2023 | 15 (34) | 31 (20) | 40 (46) | 60 (46) |
| Feb. 14, 2023 | 17 (45) | 27 (11) | 26 (55) | 74 (45) |
| Feb. 21, 2023 | 15 (51) | 28 (9) | 29 (60) | 71 (40) |
| Feb. 28, 2023 | 13 (56) | 30 (6) | 24 (63) | 76 (37) |
| Mar. 6, 2023 | 13 (59) | 29 (5) | 23 (65) | 77 (35) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages