Argentinian soybean planting for 2021-22 slower than average

Argentinian soybean planting for the 2021-22 crop year (November-October) has been slower than 2020 and five-year average amid dry weather during early November, the Buenos Aires Grains Exchange said Nov. 18, which is likely to support local beans prices.

Of the total projected acreage of 16.5 million hectares for 2021-22, Argentinian soybean farmers have managed to plant 28.6% of the area as of Nov. 17, down 2.5 percentage points year on year and 3 points on the five-year average, BAGE said.

Although the planting was off to a slow start during late October and early November, recent rains have led to an acceleration of field activities.

Rainfall recorded over the last seven days led to swift soybean planting in the central parts of the country, a major oilseed producing region, BAGE said. The biggest planting progress during the week was seen in the South of Córdoba and the Center-East of Entre Ríos, it said.

Rain in the coming days will be crucial as the soybean crop requires ample moisture during the development stage.

According to meteorological estimates, dry weather is likely to remain till Nov. 21 in the main soybean regions of Cordoba, Santa Fe and Northern Buenos Aires.

Argentina -- the world's third largest soybean supplier -- is forecast to produce 49.5 million mt of beans in 2021-22, up 3 million mt on the year, according to the US Department of Agriculture's latest estimates.