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February 10, 2021

2020/21 Argentina Soybeans Rated 19% Good/Excellent, up 1%

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

There were only a few light showers over the weekend in southeastern Buenos Aires province with dry weather across most of the major corn and soybean producing regions. The forecast is calling for generally dryer-than-normal weather for the next 6-10 days across much of the area with seasonal temperatures.

The soils in Argentina have a very good water holding capacity, so they can withstand short periods of dryness without major plant stress. I would say the weather in Argentina has been good enough to maintain the status quo. The crops will probably end up mediocre, but it won't be a disaster either.

Early planted soybeans in Argentina were 36% setting pods late last week and about 1% filling pods. The late planted soybeans were 24% flowering and both the early planted and late planted soybeans are developing slower than normal.

The soybean crop in Argentina was rated 9% poor to very poor, 72% fair, and 19% good to excellent late last week. The good to excellent percentage compares to 18% the prior week and 65% last year. The soil moisture for the soybeans was rated 13% short to very short and 87% favorable to optimum last week. The favorable to optimum compares to 76% the prior week and 96% last year.

The Buenos Aires Grain Exchange left their 2020/21 soybean estimate unchanged last week at 46.0 million tons. The USDA left their 2020/21 Argentina soybean estimate unchanged at 48.0 million tons in the February WASDE Report.