Mar 19, 2024
2023/24 Argentina Corn 3.2% Harvested, Good Early Yields
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
The rainfall in Argentina last week favored north-central, northern, and eastern Argentina. Heavy amounts were recorded in eastern Buenos Aires where there may be some localized flooding. Rainfall is expected in Buenos Aires on Monday with more rain on Wednesday in Buenos Aires, Santa Fe, and Entre Rios. Rainfall next week in Argentina is expected to be more limited.
Farmers in Argentina had harvested 3.2% of the corn as of late last week with early yields averaging 8,710 kg/ha (138 bu/ac). The best yields are being recorded in the northern core region where they are averaging 9,780 kg/ha (155 bu/ac).
With generally good early corn yields and a benign weather forecast, I decided to increase the Argentina corn estimate 1.0 million tons to 55.0 million. The Buenos Aires Grain Exchange is estimating the corn crop at 56.5 million tons while the Rosario Grain Exchange is estimating the crop at 57.0 million and the USDA is estimating 56.0 million tons.
The corn in Argentina was rated 17% poor/very poor, 58% fair, and 25% good/excellent as of late last week. The good/excellent percentage was down 4% from the prior week. The soil moisture for the corn was rated 23% short/very short and 76% favorable/optimum. The percentage of the soil moisture rated favorable/optimum was down 1% from the prior week. Below is the Argentina corn rating for March 14th from the Buenos Aires Grain Exchange.
2023/24 Argentina Corn Ratings*
| Condition | Soil Moisture | |||
|---|---|---|---|---|
| Poor/V. Poor % | Good/Excellent % | Short/V Short | Favorable/Optimum | |
| 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) |
| Mar. 13, 2023 | 17 (60) | 25 (7) | 23 (63) | 76 (37) |
*Source: Buenos Aires Grain Exchange – Crop Condition & Development Stages