December 17, 2009

Argentina trims soy forecast to 18.2 million hectares, up one percent on-year

Argentina's Agriculture Ministry trimmed its forecast for 2009-10 soy planting to 18.2 million hectares, down from the 18.5 million hectares predicted last month.

However, that still marks a record for the oilseed, and the planting area is seen rising 1.1% from last season, the ministry said in its monthly crop report Wednesday.

To date, 64% of the soy crop has been planted.

The ministry also raised its forecast for corn planting to 3.16 million hectares, up from the 3 million hectares it forecast last month. Area is seen falling 9.4% on the year.

To date, 76% of the corn crop has been planted, according to the ministry, and the crop "is in good or excellent condition" across almost all the farm belt due to recent showers.

The forecast for sunflower seed planting was lowered to 1.52 million hectares, down from 1.79 million forecast last month. To date, 91% of the crop has been seeded.

The ministry left its forecast for wheat production unchanged at 7 million tonnes.

To date, 31% of the crop has been harvested.

Planting fell 32.7% compared with last season, totaling just 3.2 million hectares because of drought during the planting period, the ministry said.