Argentina pegs soy forecast at 55 million tonnes

The Argentine 2009-10 soy output is forecast to come in at a record 55 million tonnes, the Agriculture Ministry said on Monday (April 5).

The ministry had previously pegged the crop at between 51 million tonnes and 55 million tonnes.

Despite early concerns that excess rainfall would damage the crop, dryer conditions over the past weeks have eased those worries.

Production is expected to be up sharply from the 32 million tonnes grown last season and the previous record of 48.8 million tonnes grown in the 2006-07 season.

Argentina is the world's top soymeal and oil exporter and trails the US and Brazil in soy shipments.

Meanwhile, the end of the strike by Argentine port workers was likely to raise shipments of soy and products from South America in April and May, according to Oil World.