Soybean sowing in Argentina is progressing ahead of last year, with about 20% of the sowing completed by the end of last week. This represents a 12% increase in just one week.

The core agricultural areas, particularly in central Argentina, have seen sowing reach 35-40%, while the southern regions are at 10-20%, and the northern parts have not yet started sowing.

The weather has been relatively dry in major producing areas, although recent light rains have improved soil moisture, particularly in the central and southern regions.

More rains are expected over the next 6 to 10 days, especially in the central part of the country, although the northeastern areas are facing a severe lack of rainfall.

The Rosario Grain Exchange has revised its soybean production estimate for the 2024-25 season to 53-53.5 million tonnes, up from its earlier estimate of 52-53 million tonnes.

Argentina is the largest exporter of soybean oil and soymeal and ranks third globally in overall soybean production. Despite the challenges in some regions, the weather conditions are largely favorable, which should support a good harvest similar to the 2023-24 season.

This is important for global markets, as Argentina is a key supplier of soybean oil, especially to India, which is the largest importer of soya oil from Argentina.