February 25, 2011

Argentine soy output to reach 48.8 million tonnes

Due to improved weather, Argentina's 2010/11 soy production is seen rising to 48.8 million tonnes, an increase from the previous forecast of 47 million tonnes, according to the Buenos Aires Grains Exchange.

The exchange said the crop's prospects had improved since mid-January because of much-needed rain after the La Nina weather phenomenon caused dry conditions late last year.

Argentina's deputy agriculture secretary said last week soy production was seen reaching 50 million tonnes, although the government has not given an official forecast.

The USDA foresees Argentine soy production to attain 49.5 million tonnes this season.

The grains exchange held its outlook for 2010/11 corn output at 19.5 million tonnes in its weekly crop report.