Argentina crops continue to develop well

Argentina's crops continue to develop well, with moist conditions helping to spur growth, according to the Agriculture Ministry.

Soy planting is complete, with a record 18.1 million hectares seeded, the ministry said in its weekly crop report late Monday (Mar 1). In general, the crop is developing very well, although "the presence of pests is widespread...but under control," the ministry said of the Lincoln district of Buenos Aires province.

The ministry has not forecast production yet, but the Buenos Aires Cereal Exchange pegs the crop at a record 52 million tonnes. The crop has a potential to be even larger if the weather cooperates, the exchange said.

Some analysts see Argentina producing over 55 million tonnes of soy this season, up 72% from the drought-battered crop last season and over 13% higher than the previous record for soy output.

Meanwhile, the corn crop is also doing well. As of February 25, 98% of the crop had been planted. The government forecasts production of 19 million-21 million tonnes.