Rosario exchange raises Argentine soybean production estimate to 50 mln tons

The Rosario Exchange slightly adjusted its soybean production estimate for Argentina’s 2023/24 crop, going from 49.5 mln tons in February to 50 mln tons, following the rain in recent weeks.

The rain that began in February improved the pod-filling conditions of first-crop soybeans. For the second crop, although the precipitation had a great impact, it is a recovery that in terms of production is limited, as the plantations were greatly affected.

The Buenos Aires Cereals Exchange reported that last week’s rain improved the conditions of Argentine crops, mainly in the Center and North regions of the country. According to the Exchange, approximately half of the crops are in a critical period of development. The surface is estimated at 17.3 mln hectares. Last year, the country sowed 16.2 mln hectares. The country’s crop is projected at 52.5 mln tons.

Crop conditions are divided into good (30%), fair (54%) and poor (16%). In the previous week, they were 29%, 54% and 17%, respectively. In the same period last year, 2%, 23% and 75%. The water deficit reaches 23% of the area, compared to 28% the week earlier and 70% a year ago.

Climate forecast maps point to a period of greater moisture over the northern half of the country between March 17 and 23. The provinces in the Core Zone should receive some precipitation but at a lower level.

In the period between March 24 and 30, moisture should be lower but still reach the main producing provinces in the country.

Tags: estimate, soybeans, Production, crop, precipitation, Argentina