Foreign media news on December 4: The weekly report of the Buenos Aires Grain Exchange (BAGE) said that as of the week of November 30, 2022, Argentina’s 2022/23 soybean planting progress reached 29.1%, higher than the previous week. The previous 19.4%, 17.2% lower than the same period last year.

Due to the lack of rainfall, planting in the two core soybean planting belts continued to lag behind, and the planting progress was 25.6% and 33.5% behind the same period last year, respectively.

The exchange estimates that the soybean acreage in Argentina 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 to be 48 million tons, up from 43.3 million tons in 2021/22.

In its November 9 supply and demand report, the U.S. Department of Agriculture forecast Argentina’s soybean production at 49.5 million tons in 2022/23, down from the 51 million tons forecast in October but higher than the previous year’s 43.9 million tons.