USDA official raises crop forecasts for Argentina

The USDA representative in Argentina believes that due to good weather and increased planting area, Argentina’s corn harvest in MY 2023/24 will reach 57 million tons, which is 2 million tons higher than the official USDA forecast.

The wheat crop forecast for MY 2023/24 is also raised by 0.4 to 15.4 million tons, as yields at the final stage of harvest exceeded expectations.

According to Buenos Aires Grain Exchange BAGE, 98.4% of the planned area has now been planted to corn, but a heat wave and lack of rainfall in the north of the country is delaying planting. Temperatures of 30-35 ^oC, which have persisted for the past two weeks, have reduced soil moisture reserves, resulting in a 15.4% reduction in the number of corn sown in good to excellent condition, which is still higher than last year’s 16%.

The number of soybean acres in good to excellent condition due to the heat also decreased by 12% to 36%. At the same time, 14% of the crops have already entered the critical period – the filling stage, so they will need good rainfall in the near future.

The country is forecast to receive light rains at the end of the week, which will bring temperatures down to 25-30 ^oC. However, their amount will be insufficient to improve the condition of crops.

Tags: wheat, Argentina, corn, soybean