June 18, 2007

Argentina nears completion of record 2006/07 soy harvest

Farmers in Argentina are very close to finishing the country's 2006/07 soybean harvest, having brought 94 percent of the record crop, the government said on Friday (June 15).

The Agriculture Secretariat said in its weekly crop progress report said the volume represents a 1 percent point increase from the other week but was still 5 points below last year's harvesting pace.

The South American country -- the world's No. 3 soybean exporter and top soyoil and soymeal supplier -- is expected to harvest a record crop of 45.2 million tonnes, according to the government's latest forecast.

Harvesting already has finished in the top soy-producing region of Cordoba, while gathering in other big soy-growing regions, Buenos Aires and Santa Fe, continues with patchy yields being reported.

The US Department of Agriculture estimates Argentina will produce 46.5 million tonnes of soy, up 6 million tonnes from the previous season.