Chicago Close: Argentina Dryness, Frost Boosts Corn, Soy Futures

Feb 21, 2023

Corn and soybean futures closed higher on Tuesday with much of the upward momentum coming from continued worries about dryness - and now frost - for crops in Argentina.

Soybeans posted the largest advance on the day, as forecasts indicate just light and scattered rainfall for many of the already drought-plagued main Argentine farming areas over the next 10 days. Meanwhile, some scattered frost was reported in areas of southern Argentina over the weekend, although major crop losses appear unlikely. Further support came from a downgraded 2022-23 soybean production estimate for Brazil, with agricultural consultancy AgRural dropping its forecast to 150.9 million tonnes, versus the USDA’s February projection of 153 million. March beans gained 21 ½ cents to $15.48 ¾, and new-crop November was up 12 ¾ cents to $13.99.

The Argentina dryness also boosted corn, with an expected smaller crop forecast to slash the country’s exports. The Rosario Grains Exchange forecasts 8.7 million tonnes of corn exports from Argentina for the March-June window. That would be down 40% from last year. March corn gained 2 ¾ cents to $6.80 ½, and new-crop December was ¾ of a cent higher at $5.96 ½.

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Video: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.