November 27, 2006
Argentina's 2006/07 soy crop over 50 percent seeded
Argentina completed planting of more than half the 2006/07 soy crop as of Friday (Nov 24) despite dry weather slowing seeding in some areas, the Buenos Aires Cereals Exchange said Friday.
As of Friday, farmers had planted 55.7 percent of the forecast 16.1 million hectares, up 10 points from last week, but 3.3 points behind the planting pace of last year, according to the exchange.
The exchange sees soy area up 3 percent from last year, due in part to 480,000 hectares being shifted from cattle pasture to soy cultivation.
The Agriculture Secretariat forecasts 15.6 million hectares will be planted with soy in 2006/07, up 1.8 percent from a year ago.
The USDA estimates that Argentina will produce 41.3 million tonnes of soy from the 2006/07 crop.
Wheat
Continued hot weather coupled with strong winds caused a further, but slight, deterioration of the 2006/07 wheat crop, the exchange said.
Argentina has harvested 20.2 percent of the 2006/07 wheat crop, 6.3 points ahead of the same date last year, exchange said.
The exchange said 55 percent of the new wheat crop was in good or very good condition, 21 percent was average, 22 percent was poor and 2 percent was practically lost and not worth harvesting.
The exchange estimates new-crop production of 13.8 million tonnes.
The Agriculture Secretariat forecasts 2006/07 wheat production at 13.5 million tonnes, while the US Department of Agriculture forecasts production of 13.25 million tonnes.
Corn
As of Friday, 75 percent of the 2.6 million hectares forecast for corn had been planted, down 5 points from the same date last year, according to the exchange.
According to the Secretariat, Argentina will plant 3.4 million hectares of corn during the 2006/07 crop cycle, up 6.8 percent from 3.18 million in 2005/06.
The Secretariat's forecast includes corn destined for animal feed, which the exchange doesn't include in its estimate.
The USDA forecasts Argentina's 2006/07 corn production at 17.5 million tonnes.
