Argentina 2009/2010 soy output likely 54 million tonnes

Strong soy harvests expected over the next two years may depress prices of the commodity as stocks rise, boosting supplies of soy and soyoil, a Rabobank International analyst said Thursday (June 24).

Global soy stocks may reach 60 million tonnes in the 2009-10 crop year, and are likely to reach 74 million tonnes during 2010-11, said John Baker, Rabobank's regional head Asia for Food and Agribusiness Research and Advisory.

Soy prices may decline to US$9 a bushel in September, he said. In electronic trading, soy prices were up 5 1/2 cents at US$9.635/bushel around 0305 GMT.