As of Jan. 23, the Argentine corn crop was 94.7 percent planted, up 3.8 points from the prior week and up 2 points YOY. Yield expectations for the current crop are about the same as last year’s, per Bolas de Cereales.
For early corn, 57.2 percent was in good to excellent condition and only 2 percent was poor to very poor. Some 94 percent of this year’s crop had adequate to ideal moisture levels, as well.
An updated Argentine crop progress report will be released on Thursday, Jan. 30.
Much needed Argentine rain is expected to occur into the first week of February before a period of dryness may lead to notable crop stress in some regions.
In Brazil, a drought earlier in the season instilled concerns over corn production. Recently, rains have limited the harvest rate for soybeans, which may delay safrinha corn planting and eventually limit its production, per Successful Farming and AgWeek.
Brazilian farmers have harvested 4.2 percent of their planted soybean area through Jan. 23, down 8.8 percent YOY. Brazil’s 2019/2020 soybean production is estimated at a record 123.9 MMT but that figure may be revised next month, per AgRural.
Brazilian weather is expected to somewhat of a double-edged sword over the next two weeks. Light rains will allow soybean harvest to progress at a good rate through the end of January before moderate to heavy rains occur, which may slow harvest again. However, such rains will support corn that is still developing.