Glacier FarmMedia – Soybean production in Argentina has been projected to increase slightly in 2024/25, according to the United States Department of Agriculture attaché in Buenos Aires.
The attaché forecast a crop of 51.0 million tonnes for the upcoming marketing year, besting expectations of 49.5 million for 2023/24. The official USDA estimate on Argentina’s current soybean harvest remained 50.0 million tonnes, but either number will be better than the 25.0 million tonnes harvested in 2022/23.
While Argentina’s corn crop has been at the mercy of spiroplasma that’s spread by leafhoppers, the Buenos Aires desk pointed out the disease doesn’t affect soybeans.
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However, the attaché cited some concerns about the La Niña, which usually results in less rain for Argentina. Nevertheless the yields are projected to improve to 2.99 tonnes per hectare in 2024/25 from 2.88 presently.
Reports said about a quarter of Argentina’s soybean harvest has been completed, compared to the normal pace of 50 per cent done.
The Buenos Aires desk pegged Argentina’s soybean crush to bump up to 40.0 million tonnes from 39.5 million in 2023/24. Soybean exports are to climb to 7.3 million tonnes from 6.5 million. Ending stocks are projected increase to 10.6 million tonnes from 8.4 million.
The crush is to result in 31.2 million tonnes of soymeal and 7.9 million tonnes of soyoil, up slightly from the 30.8 million and 7.8 million produced in 2023/24. The attaché projected soymeal exports to hold at 27.0 million tonnes in 2024/25, while the carryout is to rise to 3.1 million tonnes from 2.6 million.
Soyoil exports out of Argentina are to 5.3 million tonnes in 2024/25, nudging up from 5.1 million this year. The carryover to is hold at 225,000 tonnes.
Argentina is ranked by the USDA as the world’s third largest producer of soybeans, while also being the largest exporter of soymeal and soyoil.
— Glen Hallick reports for MarketsFarm from Winnipeg
