June 8, 2004

Argentina's 2003-2004 Soy Crop 92% Collected

Argentina's farmers had collected 92% of the 2003-04 soybean crop as of Friday, the latest Agriculture Secretariat data showed. This puts the pace of collection up from 89% last week but behind the 95% pace of the previous year.

Last year, planted area measured 12.606 million hectares, compared with 14.235 million hectares this year.

The Buenos Aires Cereals Exchange has estimated collectable area at 14.5 million hectares.

As of Friday, farmers had harvested 12,984,200 hectares of soybeans, according to the Secretariat. Some 211,175 hectares are considered too damaged to collect.

According to the Buenos Aires exchange, whose data include crop collection through Saturday, farmers have harvested 93.5% of the 2003-04 crop.

The exchange has estimated that the average yield this year will total 2.24 tons per hectare, down more than 18% from a year ago, according to the exchange.

Yields are down mainly because of an extended drought that deprived the soil of moisture earlier this year.

Based on current yield forecasts, the exchange has estimated final production at 32.2 million tons this year.

The Secretariat has forecast total 2003-04 soybean output at 32 million tons and the U.S. Department of Agriculture has put it at 34 million tons.

Last year, Argentina produced 34.8 million tons of soybeans, according to the Secretariat.