The latest long-term weather forecasts are calling for reasonably dry weather through Argentina’s soybean harvest, which would help maximize what should be a record crop for that country.

So far, limited harvesting activity has been reported in Argentina. The Buenos Aires Grain Exchange estimated farmers had gathered about 1% of harvestable soybean lands as of March 11, mainly lifting beans from flooded fields.

However, reports indicate early yields have been very good, despite deteriorated conditions in water-logged fields.

Argentina’s agriculture ministry, in its weekly crop condition report, said harvested yields in the Marcos Juarez district of the top soybean producing province of Cordoba ran between 3.8 and 4 metric tons/hectare last week. That equals roughly 56.5-59.0 bu./acre.

The Buenos Aires Exchange last Thursday raised its estimate of Argentine soybean production to 53.5 million metric tons (mmt) compared a previous estimate of 52 mmt and USDA’s crop estimate of 53 mmt, based on continued favorable weather conditions.

"Conditions couldn't be better for the developing crops," as soaked fields in the central farm belt dried out this week and parched fields up north saw showers, the exchange said.

Early corn yields have also been strong with yields coming in as high as 14 metric tons/hectare, which is roughly 223 bu./acre in Santa Fe province, according to the agriculture ministry.

Producers were estimated to have harvested 11% of the Argentine corn crop as of March 11, compared with 4% a year earlier.

Editor’s note: Richard Brock, Corn & Soybean Digest's marketing editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.