November 4, 2009

Argentina soy crop seen at 50 million tonnes

German oilseeds analysts Oil World said on Tuesday (Nov 3) cut its forecast of Argentina's soy crop for harvesting in early 2010 to 50.0 million tonnes from 52.0 million tonnes forecast last month due to dry weather.

This would still be up strongly from the drought-reduced 32.0 harvested in the previous crop.

During October 1-27, average rainfall was only 16 percent of usual levels in Argentina's La Pampa soy region, only 31 percent of normal in Cordoba and 50 percent in Santa Fe, it said.

Argentine soy sowings are delayed and the country has a serious shortage of seeds following its drought last season and farmers are using low-quality seed, it said.

The outlook in Brazil was better following recent rain in the country's soy regions and good sowing progress, it said.

Brazil's 2010 soy crop is forecast by Oil World at 63.0 million tonnes from 57.6 million tonnes last season.