BUENOS AIRES: Argentina’s Buenos Aires Grains Exchange on Friday edged up its corn planting area estimate, while trimming the pegged soybean area for the 2024/25 season.
The corn crop is now seen covering 6.6 million hectares, up from a prior estimation of 6.3 million hectares, the exchange said, adding the new forecast was a “correction” of the previous one. The soybean planting area, meanwhile, is now seen at 18.4 million hectares, a reduction of 200,000 hectares from the prior estimate.
Farmers are sowing less of the crop on lower soybean prices, the exchange said, adding they were turning to alternative options. Soybean and corn compete for surface area in Argentina, one of the world’s top corn exporters and the No. 1 exporter of soy byproducts. Argentine farmers have sown 84.6% of the area set aside for the soybean crop and 80.9% of corn fields, according to the report.
The exchange noted that about 88.5% of wheat fields have been reaped, with the season’s harvest seen at 18.6 million metric tons.
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