As per the latest report from Buenos Aires Grain Exchange, late last week, 47.8% of Argentina's soybeans had been harvested, compared to the 60.8% average. This marks an 11.5% increase from the previous week. In the core production areas, 55-80% of the soybeans were harvested, while southern Argentina had a harvest rate of 20-40%, and far northern Argentina had 20% harvested.

The soybean crop condition in Argentina was rated as: 26% poor/very poor, 37% fair, and 27% good/excellent, showing a 2% decline in the good/excellent category compared to the prior week. Soil moisture for corn was rated 14% short/very short, 84% favorable/optimum, and 2% saturated, with the favorable/optimum rating improving by 2% from the previous week.

The Buenos Aires Grain Exchange has maintained its 2023/24 soybean estimate for Argentina at 51.0 million tons. Similarly, the Rosario Exchange estimates the soybean crop at 50.0 million tons. According to the May WASDE Report, the USDA also kept its 2023/24 soybean estimate for Argentina unchanged at 50.0 million tons.