Argentina's 2023/24 Soybean Estimates: Rosario Grain Exchange Lowers Forecast, Buenos Aires Grain Exchange Differ

The Rosario Grain Exchange adjusted their 2023/24 Argentina soybean estimate down by 2.5 million tons last week to 49.5 million, while the Buenos Aires Grain Exchange projects the crop at 52.5 million tons.

As of late last week, the 2023/24 soybean crop in Argentina was rated 17% poor/very poor, 52% fair, and 31% good/excellent. The percentage of the crop rated good/excellent remained unchanged from the prior week. Soil moisture for soybeans was rated 33% short/very short and 67% favorable optimum, down 6% from the prior week. Below is the soybean rating for February 21, 2024, from the Buenos Aires Grain Exchange.