As of Jun. 24, Argentina’s 2020/21 soybean crop was all but finished at 99 percent complete, which should allow higher export shipments in July.
For corn, Argentina growers are through harvesting about 48 percent of the crop, including 73 percent of early corn and 23 percent of late corn. Corn harvest progress is down about 6 points from the five-year average, and about 80 percent of the crop was in fair to excellent condition, down 11 points YOY.
Brazil‘s safrinha corn harvest is about 3 percent complete, down several points from last year’s pace. Safrinha harvest may extend into the second half of August this year due to late planting, which may also delay 2021/22 soybean planting.
Brazilian growers are reporting weak corn yields, as expected, and may need to cancel or renegotiate forward contracts with processors over the next few months.
Argentina & Brazil corn production by season