Soybean harvest in Argentina is nearing completion

The soybean harvest is nearing completion in Argentina. As of June 19, 2024, 98.3% of crops have been harvested, according to the Buenos Aires Grain Exchange (BAGE). The average soybean yield in the country reached the level of 30 centners per hectare. Analysts at the exchange confirmed their forecast for the soybean crop, expecting it at 50.5 million tons.

Weather forecasts are predicting rains in northern Argentina in the coming days, helping to advance wheat sowing operations for the 2024/25 season. Between 10 and 25 millimeters of rain are expected to fall in the north, center and east of the country in the coming days.

Drought in the northern and eastern regions of the country is also reported, as well as delays in corn and soybean harvesting, which has led to disruptions in planting operations.

Despite these factors, the exchange raised its wheat planting forecasts for the current season, noting higher wheat prices and lower raw material costs are incentivizing farmers to increase planted acreage.

The exchange said total wheat sown area will total 6.3 million hectares, slightly higher than its previous forecast of 6.2 million hectares, as more farmers in the central and southern regions of the country begin planting. The exchange said 65.5% of wheat planting for the 2024/25 season has already been completed, up 19.2pc on the previous week.

Corn production is expected to reach the 46.5 million ton mark in 2023/24.

Tags: soybean, harvesting, Argentina