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Argentinian soybean harvest pace surpasses 5-year average: BAGE

Highlights

85% harvested, up 15 points on the week

First crop 92%, second crop 71% harvested

New Delhi — The Argentinian soybean harvest for 2020-21 marketing year (April 2021-March 2022) has surpassed five-year average and entered the home stretch on dry weather across the country, particularly in the central parts of the country, the Buenos Aires Grains Exchange, or BAGE said May 20, which is likely to boost country's soybean supply in coming weeks.

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Of the projected soybean acreage of 17.2 million hectares for 2020-21, 85.4% had been harvested as of May 19, a substantial progress on the week at 15 percentage points, BAGE said.

As a result, the country's total soy production for 2020-21 has accumulated to 38.7 million mt so far, out of total projected output of 43 million mt, BAGE said.

However, compared with last year, the soybean harvest pace is still 8 percentage points behind.

Delayed harvest in Argentina led to a very tight supply of the oilseed in April. But, with swift progress made in recent weeks, local crushers and exporters are optimistic of ample soybean supplies in May.

According to BAGE, 91.8% of first and 71.4% of the second crop soybeans have been harvested.

In Argentina, the first soybeans are typically planted in October, while second-crop beans are sown in late November, immediately after the wheat harvest.

The first-crop soybeans were planted across 11.9 million hectares for 2020-21, while the second-crop soybeans were planted across 5.3 million hectares, according to data from the Rosario Grains Exchange, or BCR.

Dry weather was likely across most of the country in coming days, which is expected to support the harvesting activities, local climatologists said.

Argentina is the world's third-largest soybean producer and top exporter of soybean meal and oil.