The Buenos Aires grains exchange reported on Thursday that 80% of Argentina’s soybean fields are flourishing. This positive outlook comes thanks to recent rainfall that benefited northern parts of the South American country.
Argentina, a major global exporter of soybean oil and meal alongside Brazil, is anticipating a banner year for soybeans. The exchange predicts a harvest of 52.5 million metric tons, the highest yield in five years.
Soil moisture levels are also promising, with 72% of soybean fields exhibiting “adequate to optimal” conditions. Corn harvesting has commenced, with activity ramping up in April. The 2023/24 season is expected to produce a record-breaking 56.5 million tons.
Favorable weather forecasts further enhance the agricultural outlook. A state weather agency predicted heavy rains across Argentina’s agricultural hubs between Friday and Saturday, which will benefit many developing corn and soybean crops.
