2023/24 Argentina soybeans 35% planted, up 17% last week

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), it 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 ...