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Soybean planting is long overdue in Argentina due to drought, says the stock market

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In the 21/22 cycle, 16.3 million hectares were planted, which produced 43.3 million tons, according to the stock exchange (Image: REUTERS/Jose Roberto Gomes)

The planting of Soy from the 2022/23 harvest Argentina is far behind last year due to a drought that left very little moisture in the soil, the Buenos Aires Grain Exchange (BdeC) said on Thursday, noting that the country’s main agricultural area will receive only light rain for the next few months. days.

Argentina is the world’s biggest exporter of soybean oil and meal, but delays could prevent some producers from planting. The BdeC estimates the area to be planted at 16.7 million hectares.

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In the 21/22 cycle, 16.3 million hectares were planted, which produced 43.3 million tons, according to the exchange.

“The lack of surface moisture and the absence of short-term precipitation forecast, which would allow reversing the current scenario, will continue to limit the advance of planters”, said the BdeC, which indicated that 19.4% of the area was planted, a year-on-year delay of 19.9 percentage points.

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However, the stock market’s agroclimatic forecasts indicate that the fields in the most water-deprived area, in the center-east of the country, “will have little rain (less than 10 mm)” in the next seven days.

the planting of corn is also behind schedule, said the entity’s weekly crop report. Until Wednesday, producers had planted 23.8% of the 7.3 million hectares expected for the 22/23 cereal, a delay of 6.2 percentage points in relation to the previous year.

Regarding the wheat 22/23, the exchange informed that it continues to analyze the damage that the late frosts caused to lots of cereal in the agricultural zone of the south of the country in the end of October and beginning of November, and that it could cut again its estimate for the harvest.

The Exchange foresees a wheat production in Argentina of 12.4 million tons. The estimate is well below the 20.5 million that was estimated in May, due to the impact of the historic drought and late frosts last month.

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Source: Moneytimes

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