February 12, 2007

 

Rain ups Argentina's corn, soy to new volume records

 

 

Rainfall over the past week provided a further boon to the bumper corn and soy crops carpeting Argentina's Pampas, the Buenos Aires Cereals Exchange said in its weekly crop report Friday (Feb 9).

 

The Exchange estimated 2006/07 soy output at a record 44.3 million tonnes and raised its corn estimate to a record 22 million tonnes, up 500,000 tonnes from last week's forecast.

 

On Friday, the US Department of Agriculture also upped its forecasts for Argentine soy production to 44 million tonnes and corn production to 21 million tonnes.

 

 

Soy

 

"The combination of favourable weather and investment in yield-enhancing technology, permits expectations of historic yields in the central soy area and its wide periphery," the Exchange said.

 

The Agriculture Secretariat sees a record 43 million tonnes of soybeans coming from the 2006/07 crop, while the US Department of Agriculture forecasts production of 44 million tonnes. The Exchange sees 44.3 million tonnes.

 

 

Corn

 

"The rains on the 4th and 5th of this month satisfied the moisture needs of the crop in the central and peripheral corn areas and yields will be higher than those initially calculated," the Exchange said.

 

The Agriculture Secretariat and the USDA expect that Argentina will produce 21 million tonnes of corn this year. The Exchange sees 22 million tonnes.

 

 

Sunseed

 

As of Friday, farmers had harvested 21 percent of the 2006/07 sunseed crop, the Exchange said.

 

Yields have been down 23 percent compared to last year, as drought early in the growing season affected the crop, according to the exchange. However, yields in other areas not-yet ready for harvest are not expected to be affected.

 

The Exchange forecasts sunseed area at 2.385 million hectares, but hasn't yet forecast production.

 

The Agriculture Secretariat sees 5 million tonnes of sunseeds coming from the 2006/07 crop.

 

The USDA estimates that Argentina will produce 4 million tonnes of sunseed from the 2006/07 crop.

 

 

Wheat

 

The 2006/07 wheat harvest is complete, with 13.8 million tonnes produced, according to the Exchange.

 

The Agriculture Secretariat estimates 2006/07 wheat production of 14 million tonnes.

 

The USDA sees 14.2 million tonnes of wheat from the 2006/07 crop.