As of Apr. 15, Argentina’s corn harvest was up just 2 points on the week to 14 percent harvested vs. a five-year average of 25 percent. Argentine soybean harvest was up 4 points on the week to 7 percent harvested vs. a five-year average of 28 percent.
Floods in the northeastern Argentina and frequent rains throughout the country are expected to cause further delays to harvest, but the latter may also benefit corn and soybeans that are not yet mature.
The Buenos Aires Grain Exchange (BAGE) forecasts Argentina’s 2020/21 corn production at 46.0 MMT, up 1.0 MMT from its prior estimate but 1.0 MMT below USDA’s estimate. For soybeans, BAGE expects production at just 43.0 MMT vs. USDA’s estimate of 47.5 MMT.