March 23, 2012

Argentina anticipates 2011/12 corn crop at 21.2 million tonnes

 
Argentina's Agriculture Ministry said on Thursday (Mar 22) that the country expects this season's corn crop to total 21.2 million tonnes against its previous official estimate of 20.5-22.0 million tonnes.

The ministry, in its monthly crop report, also changed its 2011/12 soy harvest forecast to 44 million tonnes from a previous range of 43.5-45.0 million tonnes.

In the 2010/11 season, the government said, 23 million tonnes of corn was brought in and 48.9 million tonnes of soy.

The South American country is the world's second-biggest corn exporter after the US and the third-biggest exporter of soy. Farmers in Argentina's vast Pampas grains belt have started collecting this season's corn and soy.

Original estimates for both crops underwent cuts after drought hit the Pampas during the height of the Southern Hemisphere summer in December and January. Initial projections put corn at up to 30 million tonnes, while up to 53 million tonnes of soy was forecast at the start of the planting season.

The dry weather punished corn harder due to its shorter and more delicate flowering period.

Only 2% of early- and late-planted Argentine soy is in "very good condition", the report said. Some 11% of early-seeded soy is in very bad shape, as is 12% of late-seeded soy, according to the report.

Also on Thursday the Buenos Aires Grains Exchange issued its weekly report, forecasting 2011/12 soy output of 46.2 million tonnes, unchanged from its week-earlier call. The exchange kept its corn forecast flat at 20.8 million tonnes.