Foreign media news on November 27: According to the weekly report released by the Buenos Aires Grain Exchange (BAGE), as of the week of November 23, 2022, the progress of soybean planting in Argentina in 2022/23 reached 19.4%. That was up from 12% a week earlier and down 19.9% from a year earlier.
Lack of surface soil moisture continues to hamper soybean planting progress in Argentina, particularly in the two core soybean belts, central and northern Santa Fe, and northern La Pamba and western Buenos Aires. The sowing area of the week advanced by 1.2 million hectares, 65.2% of which were concentrated in these two core areas, and the sowing progress in these two areas was 32.6% and 36.1% behind the same period last year, respectively.
According to the exchange, due to the lack of surface moisture and the weather forecast showing no rainfall in the short term, planting progress will continue to be limited. The wettest fields in the country’s center-east are not expected to receive more than 10mm of rain for the next seven days.
The exchange estimates that Argentina’s soybean acreage in 2022/2023 will be 16.7 million hectares, an increase of 400,000 hectares or 2.5% from the previous year’s 16.3 million hectares, because the dry weather has caused Argentine farmers to switch corn arable land to soybeans.
The exchange expects soybean production at 48 million tons, up from 43.3 million tons in 2021/22, while the U.S. Department of Agriculture forecast Argentina’s soybean production in 2022/23 at 49.5 million tons, down from October’s 2022/23 supply and demand report. Forecast of 51 million tons, but higher than the previous year’s 43.9 million tons.