April 29, 2011

Argentine soy may reach 49.2 million tonnes

Argentina's 2010/11 soy harvest is estimated to total up to 49.2 million tonnes, unchanged from last week's estimate, a source at the Buenos Aires Grains Exchange said Thursday (Apr 28).

The South American country is the world's No. 1 soymeal and soyoil exporter and its third-biggest soy supplier.

The exchange also kept its estimate for the 2010/11 corn crop at 20.0 million tonnes. Argentina is the world's No. 2 corn exporter after the US.

The exchange's weekly crop progress report was expected to be published later on Thursday.

Argentina's Agriculture Ministry last week increased its 2010/11 soy harvest forecast to 50.4 million tonnes from a previous 50 million. It raised its corn estimate to 20.9 million tonnes from the previous estimate of 20.8 million.

Argentina was affected by dry weather earlier this season, but heavy rains from mid-January onward brightened the outlook for the country's lucrative grain crops.