February 18, 2011

Argentine soy crop may surpass 50 million tonnes

Argentina's soy crop may go beyond 50 million tonnes if rains this week boost yields, according to Agricultural Undersecretary Oscar Solis.

"The drought and heat in December obviously affected yields," Solis said. "If it rains as forecast later this week, soy may even give a surprise of more than 50 million tonnes," he said.

The Buenos Aires Cereals Exchange and the Rosario Cereals Exchange both forecast this month that the crop would be between 47 million tonnes and 48 million tonnes as drought induced by La Nina, a weather pattern that forms in the Pacific Ocean, pared output. Last year farmers had record output of 55 million tonnes.

Argentine farmers completed sowing of the crop earlier this month. Harvesting starts next month and runs until June.