The Rosario Grain Exchange has raised its forecast for Argentine corn production to a record 67 million tons, 15 million tons higher than the USDA estimate.

Experts at the Rosario Grain Exchange have increased the forecast for the corn harvest in Argentina by 5 million tons compared to previous estimates to a record 67 million tons (52.5 million tons in the 2023/24 MY), while the USDA in its April balance sheet left the harvest forecast at 52 million tons.

Currently, corn in the country is already 15% threshed (5% last year), and early crops show quite high yields, despite the lack of precipitation. Late crops received sufficient moisture during the ripening period, so production estimates from local analysts at 62-67 million tons may be justified, which will force the USDA to adjust its forecast in May.

Argentine farmers reduced soybean plantings by 200,000 hectares, preferring corn, which has grown to 10.2 million hectares. However, stock exchange experts left the soybean production forecast at 48 million tons, as the yield will be better than previously expected.

Ukrainian farmers should accelerate the sale of corn, as Argentine grain will increase competition with Ukrainian grain in the markets of Europe and Asia. Thus, in March, Argentina sent the first batch of corn to China.