ARGENTINA SOY FARMERS WAIT ON RISING PRICES TO SELL RAIN-DRENCHED CROP
In the fields of Pergamino in Argentina’s grain heartland, farmer Adrian Farroni is revving up his soybean harvest late, delayed by rains that along with low prices have led to the country’s slowest soy sales in a decade. Argentine farmers had by early May sold 31% of an expected soy harvest of 49.7 million metric tons, government data show. Until last Wednesday farmers had harvested 61% of planted soybean area, behind even the drought-hit harvest pace last season. A mix of poor weather and low prices has stalled sales.
Farmers earlier this year were receiving around $270 per ton, Romano said, encouraging them to hold onto their soybean stocks and wait for the market to rebound. Soy prices are now starting to recover as worries about crop losses due to flooding in Brazil and dryness in north Argentina have offset data indicating lower U.S. demand. On the Argentina Rosario futures market, July soy futures MSRN4are trading around $315 per ton, down from $350 during planting late last year, but higher than the recent lows. Farmer Farroni, however, was betting on further soybean price hikes ahead.
(Link: SuccessfulFarming)
CORN PLANTING PROGRESS LEAPS FORWARD, BUT STILL BEHIND AVERAGE
The USDA says as of May 19, 70% of the 2024 corn crop has been planted in the top 18 corn-growing states. This is the third consecutive week corn planting progress has fallen behind the average pace. Corn is emerging in all of those states, with 40% out of the ground. Soybean planting progress is at 52%, up from 35% the week prior and ahead of the five-year average of 49%. Soybeans have emerged in all of the top 18 growing states, with 26% out of the ground. USDA says 69% of winter wheat has headed across 17 of the top 18 growing states. This is up from 57% the week prior and ahead of the five-year average of 57%. Spring wheat planting progress in the top six growing states is at 79%, up from 61% the week prior and ahead of the five-year average of 65%.
(Link: SuccessfulFarming)
