Soybean Planting Up, Corn Down in Argentina’s Agricultural Outlook

Argentina’s grain harvest could reach 143.2 million tons in 2024/25, according to the Rosario Board of Trade (BCR).

This projection assumes normal weather conditions and represents a 9.3% increase from the previous season. The BCR cautions that soil moisture deficits may lead to adjustments in these estimates.

With this potential production, the agricultural sector’s revenue could hit $35.5 billion. Soybean production is expected to range between 52 and 53 million tons.

Farmers intend to plant soybeans on 17.7 million hectares, an 8% increase from the previous crop.

Corn production is estimated at 52 million tons. Concerns about corn leafhopper damage have reduced planting intentions by 21% to 8 million hectares.

The wheat planting area is expected to increase by 21% to 6.7 million hectares, resulting in a projected production of 20.4 million tons.

The BCR forecasts grain, oil, and derivative exports to reach 101.5 million tons in 2024/25. This figure represents a 15% increase from the previous year and the highest volume in four years.

However, it falls short of the record-breaking 2018/19 and 2020/21 seasons. The BCR also considered an adverse weather scenario for the 2024/25 harvest.

Lack of rainfall could reduce soybean production by 6.6 million tons compared to normal conditions.

Corn production could decrease by 4.4 million tons to 47.6 million tons. Wheat production might fall to 18.5 million tons.

Under unfavorable conditions, total grain production for 2024/25 could reach 128.8 million tons.

This figure would be 2% below the previous harvest and the second-lowest volume in seven years.

The BCR’s projections highlight the significant impact of weather on Argentina’s agricultural output.

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