USDA – World Agricultural Production, Jan 2024

According to the USDA's World Agricultural Production report for January 2024, Argentina is expected to produce 50.0 million metric tons of soybeans for the marketing year 2023/24. This forecast represents a 4 percent increase from the previous month and a doubling in production compared to last year. The yield for soybeans is also projected to increase by 4 percent from the previous month and a significant 75 percent from last year, reaching 3.03 tons per hectare. The harvested area is expected to expand by 1 percent from the previous month and 15 percent from last year, reaching 16.5 million hectares. The majority of soybean production in Argentina is concentrated in the provinces of Buenos Aires, Córdoba, and Santa Fe, accounting for 31 percent, 28 percent, and 19 percent of production, respectively. According to the Argentina Ministry of Agriculture, planting for soybeans was 89 percent complete by the beginning of January. The planted area forecast from the ministry has been revised upwards on a month-to-month basis, and it is anticipated that abandonment levels will remain around 1 percent, similar to the levels seen in the years before last year's drought. The increase in soybean yield in Argentina can be attributed to favorable rainfall during planting, emergence, and establishment. This positive trend is reflected in the soil moisture status in the three main soybean-producing provinces. Overall, the USDA's report indicates significant growth in Argentina's soybean production for the upcoming marketing year.