September 2, 2009

 

Argentina, Brazil set for big soy crops

 

 

Major soy countries Argentina and Brazil are both likely to achieve much larger soy crops in early 2010 than their drought-reduced 2009 harvests, according to Hamburg-based oilseeds analysts Oil World on Tuesday (September 1).

 

Argentina's 2009-10 soy crop for harvesting in early 2010 is estimated to rise to 52.0 million tonnes from 32.20 million tonnes harvested in early 2009, says Oil World.

 

Brazil's 2009-10 crop harvested in early 2010 is forecast to reach 62.0 million tonnes from 57.6 million tonnes in 2009.

 

 

But Argentine weather was currently better for soy and weather forecasts for September and October were more favourable, it said.

 

Argentine farmers had also cut grain plantings because of this year's drought and were now likely to turn to soy.

 

The firm says it is "likely that (Argentine) soy plantings will be boosted to 19.1 to 19.5 million hectares compared with 17.5 million hectares planted last year."

 

In Brazil, soy cultivation conditions were also generally better than last year, Oil World said.

 

It expected Brazilian farmers to increase soy plantings by about 500,000 hectares on the year for harvesting in early 2010.