February 17, 2004

Argentina's 2003-04 Soy Crop Fully Planted

Farmers in Argentina have finished planting the 2003-04 soybean crop, the Buenos Aires Cereals Exchange said Monday.

Planted area totals 14 million hectares. This is up from a previous estimate of 13.95 hectares and up 9.4% from the 2002-03 crop.

Around 11.3 million hectares correspond to first crop soybeans while the rest was planted as second crop soy, the exchange said.

In December, the exchange estimated that 2003-04 soybean production will jump 1.1 million metric tons from a year ago, putting output at about 36.4 million tons.

Last year, farmers planted 12.8 million hectares and produced 35.27 million tons of soybeans, according to the exchange.

The USDA estimates 2003-04 soybean production at 36.5 million tons.

Recent rain has been good for the crop in many parts of the country, the exchange said. Moreover, in the country's main soybean area, the crop is in "very good shape," according to the exchange.