March 5, 2010

Analysts revise up Argentina corn and soy output

Private analytical firm Informa Economics upped its projected production for both corn and soy in Argentina, traders said Thursday (Mar 4).

The private analytical firm pegged the Argentina corn crop at 21 million tonnes, up 2.8 million from the previous month's estimate. The soy crop there is seen at 55 million tonnes, up 1 million from the prior month.

If realised, the corn projection would be 7.5 million tonnes above last year's total and the soy projection would be 23 million tonnes higher.

The firm also revised up projected corn output in South Africa, to 13.5 million tonnes, up two million from the prior month. A trader said Informa's estimates were clearly bearish for corn.

Informa's report also increased world wheat output from last month, according to traders. India's projected output is 82 million tonnes, up two million from the prior month and 1.4 million above last year. Morocco's was boosted to five million tonnes, up one million.

Corn and soy output projections for Brazil were left unchanged.

Traders said that Informa also said in a separate report that the USDA was unlikely to decrease its estimate of the 2009 US corn and soy crops when it releases supply and demand estimates March 10.