Foreign media, November 20 news: The weekly report released by the Buenos Aires Grain Exchange (BAGE) said that the Pambas crop belt had rained in the past week, but the rainfall was uneven, and the weather was still dry in many areas. It means that in the short term, large areas still need more precipitation to complete soybean planting work.
Argentina’s 2022/23 soybean planting progress reached 12% in the week ended November 16, 2022, 16% lower than the same period last year.
The exchange estimates Argentina’s soybean planting area to be 16.7 million hectares in 2022/2023, an increase of 400,000 hectares or 2.5% from the previous year’s 16.3 million hectares, as dry weather led Argentine farmers to transfer corn to soybeans.
The exchange forecast soybean production at 48 million tonnes, up from 43.3 million tonnes in 2021/22.
In its Nov. 9 supply and demand report, the U.S. Department of Agriculture forecast Argentine soybean production in 2022/23 at 49.5 million tons, down from 51 million tons in October, but up from 43.9 million tons in the previous year.