Eight in 10 hectares (19.8 to 24.71 acres) of Argentine soybean fields are in “normal to excellent” condition, the Buenos Aires grains exchange said on Thursday, thanks to recent rainfall over northern parts of the South American country.
Argentina is one of the world’s two main exporters of soybean oil and soybean meal, along with Brazil, and the exchange believes this season’s crop will hit 52.5 million metric tons – the highest figure in five years. Meanwhile 72% of soybean lots have “adequate to optimal” levels of soil moisture, it added.
Farmers have already begun harvesting corn but work in the fields will intensify in April. The 2023/24 season is expected to generate a record 56.5 million tons.
A state weather institute had on Wednesday forecast heavy rains across Argentina’s agricultural heartlands between Friday and Saturday, which would favor many corn and soy lots which are still in development stages.