Argentina's Planting Pace Picks Up: Soybean Forecast Revised

Argentina's Rosario grains exchange increased its forecast for the 2024/25 soybean crop due to better October rainfalls, now estimating production between 53 and 53.5 million metric tons. Meanwhile, wheat and corn forecasts were trimmed due to earlier drought and low moisture impacts.

Improved rainfall during late October has allowed Argentine farmers to accelerate planting, leading the Rosario grains exchange to raise its 2024/25 soybean crop forecast. Production is now expected to be between 53 million and 53.5 million metric tons, up slightly from an earlier estimate.

Conversely, the exchange revised downward its wheat harvest estimate by 700,000 tons, now predicting an 18.8 million metric ton harvest. The change reflects the damaging effects of a five-month drought earlier this year that hindered crop development across the season.

The corn crop outlook was also adjusted, now expected to be between 50 and 51 million metric tons, reduced from the previous projection of 51 to 52 million tons, largely due to insufficient moisture levels.

(With inputs from agencies.)