Argentina crop condition ratings sink as port troubles continue
A South American crops expert suggests the situation has gone from bad to worse for farmers in Argentina.
Dr. Michael Cordonnier with Soybean and Corn Advisor says Argentine soybean condition ratings fell 15 points last week to 27 percent good to excellent.
“And the corn is rated 15 percent good to excellent, down two points. And the early planted corn is like 50 percent pollinating, so this is a critical time for the corn. And that corn is only rated 15 percent good to excellent.”
On top of that, he tells Brownfield Argentina continues to have labor issues at its ports and faces a possible trucker strike at harvest.
“It’s just a mess in Argentina (and) that’s being kind. Also there was some big news last week that they decided to prohibit corn export registrations until the end of February.”
Cordonnier is hearing reports that Argentina’s Ministry of Agriculture might not proceed with corn export registration restrictions and instead implement a quota system.
Either way, he says the likelihood of less production out of South America will continue to support prices in the U.S.