March 23, 2004

Argentina's 2003-04 Soybean Crop 4.3% Collected
 
Farmers in Argentina had collected 4.3% of the 2003-04 soybean crop by Saturday, according to the latest estimate from the Buenos Aires Cereals Exchange.
 
The pace of collection is down a year ago at this time, when farmers had already harvested 10% of the crop. However, last year's crop measured 12.8 million hectares of planted soybeans while this year's planted area stands at 14.4 million hectares, according to the exchange.
 
As of Saturday, farmers had harvested 1.348 million tons of soybeans.
 
The average yield last week was 2.17 tons per hectare. This is down about 25% from 2.89 tons a year ago at this time.
 
Based on current yields, the exchange estimated 2003-04 soybean output at 34.5 million metric tons, down slightly from 35.27 million in 2002-03.
 
The U.S. Department of Agriculture estimates 2003-04 Argentine soybean production at 36.5 million tons.
 
"Last week's rainfall did not reach the main soybean production region," the exchange said. "Moisture levels continue to be minimal and continue to affect second crop soybeans in central parts of Santa Fe and first crop soybeans that are in the first phases of pod formation. A continuation of this dry climate would imply a greater reduction in yields. As we said in our previous report, the harvest will not exceed 34.5 million tons in the best of situations. The prospects for the next few days call for dry weather, which is not at all favorable for second-crop soybeans."