Despite record low prices for the commodity, Argentina is expected to plant more soy this cropping season, which starts this month, by expanding acreage to 21 million hectares.

The US Department of Agriculture staff in Buenos Aires said the soy acreage in Argentina this season will be 1 million hectares more than the 20 million hectares in the last season.

Argentina is the world's third largest soy exporter after the US and Brazil.

The increased acreage forecast for Argentina's soy contrasts with that of its corn whose sowings, according to estimates by the Buenos Aires Grains Exchange, has shrunk 10% at 3 million hectares.

The USDA office in Buenos Aires forecasts that Argentina's soy exports will hit 10 million tonnes in 2014-2015, up 1 million tonnes year-on.

It adds that the country's soy harvests in 2014-2015 will reach 57 million tonnes, 2 million tonnes more than what the USDA originally predicted.

Latest estimates from the USDA, meanwhile, sees global corn production hitting record at 14,475 million bushels, 80 million bushels higher than what was originally thought.

Corn supplies for 2014-15 are projected 129 million bushels higher than last month at 15.736 billion bushels, the USDA said.

Both production and beginning stocks are up from last month's Grain Stocks report.

In its latest World Agricultural Supply and Demand Estimates report, the USDA projected US corn use for 2014-15 up 50 million bushels. The projected price range has been lowered 10 cents on either end, down to US$3.10 to US$3.70 per bushel.

US soy production is also expected to be a record for 2014-15, hitting 3.927 billion bushels, up 14 million from last month.