Stock market raises estimate for corn planting in Argentina and reduces soybean area

The Buenos Aires Grain Exchange has updated its estimates for Argentina's agricultural season for 2024/25, showing an increase in the expected planting area for corn and a decrease in soybeans. The corn area has been raised from 6.3 to 6.6 million hectares, while soybean area has been lowered by 200,000 hectares to 18.4 million hectares. This adjustment reflects farmers' preferences due to lower soybean prices, leading them to opt for other crops. The sowing progress for soybeans and corn stands at 84.6% and 80.9%, respectively. Additionally, the grain exchange reported that approximately 88.5% of the expected wheat planting area has been harvested, with the forecast yield at 18.6 million tons.

BUENOS AIRES (Reuters) - Argentina’s Buenos Aires Grain Exchange on Friday raised its estimate for corn planting area while cutting the soybean area for the 2024/25 season. The corn crop is now seen covering 6.6 million hectares, up from a previous estimate of 6.3 million hectares, the exchange said, adding that the new forecast was a “correction” of the previous one. Soybean planting area, on the other hand, is now seen at 18.4 million hectares, down 200,000 hectares from the previous estimate. Farmers are sowing less of the crop due to lower soybean prices, the exchange said, adding that they were turning to alternative options. Soybeans and corn compete for acreage in Argentina, one of the world’s biggest corn exporters and the No. 1 exporter of soybean byproducts. Argentine farmers ...