Argentina soy crop seen at record 51 million tonnes

Argentina's 2009-10 soy output is forecast to set a new record at 51 million tonnes, the Buenos Aires Cereal's Exchange said in its weekly crop report.

That is up sharply from the 32 million tonnes grown last season and is well over the previous record of 48.8 million tonnes grown in 2006-07.

With planting all but complete, the soy crop is in good to very good condition across much of the farm belt. However, hot, dry conditions are testing the crop in some areas, with the forecast weekend storms needed to maintain the good conditions, the exchange said.

Corn planting has also wrapped up, with the crop developing well across much of the farm belt.

The exchange raised its forecast for commercial corn output by 400,000 tonnes to 18.4 million tonnes.

Total corn area is seen reaching 18 million-20 million tonnes, President Cristina Fernandez said last week. That is up significantly from the 12.6 million tonnes grown last season when the crop was battered by drought.