March 22, 2010

Argentina soy harvest kicking off; conditions good

Argentina's farmers are starting to harvest early soy, with the crop in generally good shape despite damage in some water-logged fields, the Agriculture Ministry said in its weekly crop report Friday (March 19).

This week, the Agriculture Ministry made its first forecast for 2009-10 soy production, pegging output at between 51-55 million tonnes.

The government forecast is in line with private analysts, although most see production toward the top end of that range.

Meanwhile, corn harvest is progressing rapidly, with 18% of the crop harvested to date, according to the ministry.

The Agriculture Ministry also narrowed its forecast for total corn production to 20.5 million tonnes, compared to the 19-21 million tonnes range forecast last month. Argentina is the world's third-largest corn exporter.