May 21, 2009
Argentina 2008-09 soy output may fall to 32.2 million tonnes
Argentina's 2008-09 soy production is seen falling to 32.2 million tonnes, the Buenos Aires Grains Exchange said on Wednesday (May 20), lowering its forecast from 32.8 million tonnes seen a week ago due to poor yields.
Industry analysts have repeatedly cut their output forecasts for Argentina, one of the world top soy exporters, as a prolonged drought hit this season's crop. Last year, Argentine farmers harvested 46.2 million tonnes of soy.
The local government has yet to forecast its 2008-09 soy production, but the US Department of Agriculture (USDA) predicts Argentine soy output to be at 34 million tonnes.
The grains exchange kept its estimate for 2008-09 corn production at 12.7 million tonnes. Last season farmers produced 22 million tonnes of the grain in Argentina, the world's second-biggest corn supplier after the US.
USDA estimates Argentina's 2008-09 corn output at 13 million tonnes.
In its weekly report, the grains exchange also held its forecast for 2009-10 wheat area at 3.7 million hectares, one of the smallest areas on record.
Farmers sowed 4.55 million hectares with wheat in the 2008-09 crop year, which was plagued by drought.
