October 15, 2007

 

Argentina to plant 16.8 million hectares of soy, up 4.3 percent on-year

 

 

Argentina farmers will plant a record 16.8 million hectares with soy this season, a 4.3 percent increase over last year, the Buenos Aires Cereals Exchange said in its weekly crop report Friday (October 12).

 

The estimate marks the exchange's first forecast for 2007/08 soy planting.

 

Farmers began to plant the first fields with 2007/08 soy this week, the exchange said.

 

As of Friday, farmers had planted 33.2 percent of the 2007/08 corn crop, an 8.2 percentage point increase from last week, according to the exchange.

 

The planting advanced despite persistent rainfall throughout the week. A break in the rainfall is needed in the central farm belt for farmers to complete all intended corn planting, the exchange said.

 

The US Department of Agriculture forecasts production of 22.5 million tonnes, up from 21.8 million tonnes last season.

 

According to the Buenos Aires Exchange, 72 percent of the wheat crop is in good or very good condition, down from 73 percent last week. About 21 percent is in average condition, 6 percent is in poor condition and 1 percent is in very poor condition.

 

Continued rainfall caused crop conditions to deteriorate in some areas, as the wet conditions prevented the application of fertilizers and fungicides, the exchange said.

 

Farmers planted 5.4 million hectares with wheat this season, according to the exchange.

 

The USDA sees production of 14.5 million tonnes, down slightly from 14.6 million tonnes last season.

 

To date, farmers have planted 17.8 percent of the 2.67 million hectares seen going to sunseeds, 3.4 percentage points behind last year's pace, according to the Buenos Aires exchange.