July 30, 2026
 

Argentina's record corn crop faces harvest delays as wet weather slows progress to five-year low

With corn production estimated at a record 61-63 million tonnes for MY2025/26, delayed harvesting due to high grain moisture and waterlogged fields is curbing near-term export flow, while soybean meal demand from the global feed industry continues to underpin oilseed trade.

Argentina's 2025/26 corn crop is estimated at a record 61 to 63 million tonnes, according to USDA and Buenos Aires Grain Exchange data, but the harvest is progressing at the slowest pace in five years, with only 52.9% of planted area harvested as of early July due to persistently wet conditions across the country's main growing regions.

High grain moisture content and waterlogged fields in Córdoba, La Pampa and the central and southern parts of Buenos Aires province have significantly hampered machinery access and harvest rates. The Buenos Aires Grain Exchange reported that progress slowed from 4.6% per week in mid-June to just 1.7% in early July, leaving corn harvest running approximately 14% behind last year's pace at the same point in the season. Corn FOB export prices averaged around US$200 per tonne during the period, with forward export contracts running 9-25% above year-earlier levels, reflecting sustained international demand despite the near-term supply disruption.

Argentina's soybean harvest for MY2025/26 reached approximately 50.1 million tonnes, with an average yield of 3.13 tonnes per hectare - more than 5% above the previous season. The soybean harvest was 97.2% complete as of late June, though wet conditions also delayed the final stages in southern regions. Soybean farmers have been holding back sales in anticipation of more favourable price levels, while the Buenos Aires Grain Exchange projects 2026/27 wheat production at 21.3 million tonnes, down 23.4% from the record 27.8 million tonne harvest of 2025/26.

Soybean meal, a key protein ingredient for the global animal feed industry, continues to see firm demand and is expected to remain a primary driver of Argentine oilseed exports through the second half of 2026. USDA forecasts Argentine soybean meal exports at approximately 29.5 million tonnes for MY2025/26. Looking ahead to the 2026/27 planting season, the Rosario Grain Exchange's strategic agriculture unit projects that a potential El Nino event developing in late 2026 and early 2027 would support favourable growing conditions for both corn and soybeans.

- Buenos Aires Grain Exchange