March 26, 2007

 

Argentina to produce record 45.5 million tonnes of soy

 

 

With high yields coming from the early 2006/07 harvest, Argentina is expected to produce a record 45.5 million tonnes of soybeans this year, 500,000 tonnes more than last week's forecast, the Buenos Aires Cereals Exchange said in its weekly crop report Friday (Mar 23).

 

If favourable weather conditions continue through April, production could be even higher, the exchange said. Yields from the early harvest have been up 42 percent compared to the same point a year ago.

 

Farmers have harvested 9.58 percent of the 2006/07 soy crop, compared with 10.5 percent at this date last year. Dry weather over the past week allowed farmers to speed up the harvest rate, according to the exchange. The Agriculture Secretariat sees 45.6 million tonnes of soybeans coming from the 2006/07 crop, while the US Department of Agriculture forecasts production of 44 million tonnes.

 

 

Corn

 

The exchange also upped its forecast for 2006/07 corn production by 500,000 tonnes to 22.5 million tonnes.

 

Farmers have harvested 25 percent of this year's corn crop, 5 percentage points behind the pace at this time last year.

 

The secretariat forecasts 21.6 million tonnes of corn coming from this year's crop, while the USDA pegs output at 21.5 million tonnes.

 

 

Sunseed

 

Farmers took advantage of the dry weather to speed up the pace of the sunseed harvest, the exchange said.

 

To date, 82.3 percent of the crop has been harvested.

 

Dry conditions early in the growing season affected yields and the exchange lowered its estimate for 2006/07 sunseed production to 3.45 million tonnes, compared with the 3.58 million tonnes forecast last week.

 

The secretariat sees 2006/07 sunseed production of 3.5 million tonnes. The USDA forecasts 4 million tonnes of sunseeds coming from Argentina this year.

 

Estimates for Argentina's 2006/07 crop production in millions of tonnes:

 

                                Wheat      Soy       Corn      Sunseed

 Agriculture Secretariat   14       45.6      21.6        3.5

 USDA                           14.2     44        21.5         4

 B.A. Cereals Exchange   13.8    45.5      22.5        3.45

 

Argentina's historical production estimates in millions of tonnes, according to the Agriculture Secretariat:

 

                           Wheat    Soy       Corn     Sunseed

2005/06                 12.6     40.5      14.5     3.8

2004/05                 16       38.3      20.5     3.7

2003/04                 14.6     31.6      15       3.1

2002/03                 12.3     35        14.7     3.4

2001/02                 15.3     30        15.4     3.8