Oct 02, 2024
2024/25 Argentina Soybean Estimate Unchanged at 57.0 Million Tons
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
The 2024/25 Argentina soybean estimate was left unchanged this week at 57.0 million tons and I have a neutral bias going forward.
Dry weather prevailed over the weekend for much of Argentina with light showers in southeastern Buenos Aires. Showers will favor far eastern areas early this week with above normal temperatures across Argentina.
Soybean planting has not started in Argentina, which is normal for this time of the year. Farmers will start planting about mid-October if the weather cooperates. The eventual soybean acreage will depend on what happens with the corn acreage. Farmers in Argentina are opting for less corn and more soybeans, it is just a matter of how much they will switch out of corn and into soybeans.
The weather will be a factor for how much the soybean acreage could be increased. If the weather remains dryer-than-normal for the next several weeks, farmers may not want to risk planting corn, but instead, wait until the rainfall becomes more plentiful and then plant soybeans.
The Buenos Aires Grain Exchange is estimating the 2024/25 soybean production in Argentina at 52.0 million tons.