Argentine corn only gets worse: WHAT NOW?

The Buenos Aires Grain Exchange (BCBA) reported this Thursday, October 20, that the percentage of the 2022/2023 season corn crop in “excellent/good condition” is only 10%. The result represents a drop of two percentage points compared to the 12% registered in the previous week – marking yet another drop in the productivity of the Argentine cereal.

“About 54% of corn is rated as normal and 36% as fair/poor. Regarding the water condition, there are no excess areas, as in the previous week. The areas evaluated with optimal/adequate water condition is around 50%, compared to 49% in the last week. About 50% of the crop is in regular/dry condition, compared to 51% in the previous week”, stresses AgResource Brasil Consulting.

The planting of the 2022/2023 season corn crop reached only 17% of the projected area, while in the same period of the previous year it was 99.3% of the area. The progress of sowing work does not reach one million hectares (currently there are 960 thousand planted hectares).

“The intention remains at 8.0 M/ha. But, given the lack of water and the delay in planting, which in principle would be done at late dates, there may be a new change of hectares from corn to soybeans”, points out the BCBA report.

“For this new crop, it is estimated that the intention to plant corn is 7.0% lower than in the previous cycle. The lack of water sustained in the last 37 months in the Pampas region and the effects of a third consecutive Niña, which are already felt with more lack of rain than the beginning of this spring, put at risk the fulfillment of the current planting intention. ”, concludes the stock exchange in the Argentine capital.