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The Buenos Aires Grain Exchange and the Argentine Government increased their soybean planted acreage by 100,000 hectares due to the assumption that farmers may switch some of their intended corn to soybeans. The switch is occurring because farmers are concerned that the new administration, which will assume power on December 10th, will increase export taxes and potentially interfere in the corn export market.
The soybeans in Argentina are 39% planted, which is 1.7% slower than last year. This represents an advance of 7.7% for the week. The most advanced soybean planting is in the core production areas where the crop is 60-65% planted. In southern Argentina the soybeans are 15-30% planted and soybean planting has not yet started in far northern Argentina.
The Argentine corn crop was 46.2% planted as of late last week according to the Buenos Aires Grain Exchange. This represents an advance of only 0.5% for the week. The most advanced corn planting is in the core production areas where the crop is approximately 95% planted. In southern Argentina the corn is 30-60% planted and no corn has been planted in far northern Argentina.
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