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March 31, 2021

Recent Rains Help to Stabilize Soybean Crop in Argentina

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

The recent rainfall in Argentina appears to be enough to stabilize the crops at a somewhat lower level, at least for the time being. The provinces of Buenos Aires and La Pampa received good rains over the weekend with some areas receiving as much as 5 inches. The weekend rains were generally limited to far northern and far southern Argentina with the central region staying mostly dry.

The rainfall has been very irregular this growing season, so we should expect irregular yields as well. The forecast is calling for only limited rainfall, so the crops are not safe from renewed deterioration if the rainfall disappoints going forward.

Argentina farmers have started to harvest a few fields of soybeans in the core growing area with the early yields being highly variable. Less than 1% of the soybeans have been harvested compared to 4.6% last year and 4.9% average. The early planted soybeans are 45% approaching maturity, whereas the later planted soybeans are 43% setting pods.

The soybeans were rated 32% poor/very poor, 61% fair, and 7% good/excellent as of late last week. The good/excellent percentage compares to 6% the prior week and 31% last year. The soil moisture for the soybeans was rated 41% short/very short and 59% favorable/optimum. The favorable/optimum percentage compares to 58% the prior week and 76% last year.

The Buenos Aires Grain Exchange left their soybean estimate unchanged at 44.0 million tons but warned that it might decline maybe another 2 million tons if future rains don't materialize. They also warned that some of the later planted soybeans could be impacted if there is an earlier-than-normal frost. Brazilian meteorologists have also warned that there could be an early onset of cold weather this year.