November 18, 2011
Argentina's soy region up at 18.85 million hectares
The 2011/12 soy acreage estimate of Argentina has increased from last week's 18.60 million hectares to 18.85 million hectares (46.6 million acres), the Buenos Aires Grains Exchange said Thursday (Nov 17).
The South American country is the world's No. 3 soy exporter and its top soyoil and soymeal supplier.
By Thursday, farmers had planted 37.4% of forecast soy area, the grains exchange said on its website. Last week, soy plantings covered 25% of estimated area.
Argentina's Agriculture Ministry estimates 2011/12 soy area at 18.8 million hectares, and ministry officials have said production could reach up to 53 million tonnes.
The USDA forecasts Argentine soy output of 52 million tonnes in this crop year.
Argentina, with its vast and fertile Pampas, has taken advantage of growing world food demand. Booming grains export revenues have helped fuel the country's economy, which grew 9.2% last year and has continued expanding at about an 8% annual rate this year.
The Buenos Aires Grains Exchange also said on Thursday that Argentina's 2011/12 wheat output is expected to be 13 million tonnes, increasing its previous forecast for a harvest of at least 12.6 million tonnes.
The Rosario Grains Exchange last week slightly cut its forecast for 2011/2012 wheat output to 12.4 million tonnes from 12.5 million tonnes seen previously by that exchange.
The USDA also lowered its forecast for Argentina's wheat harvest last week to 13.0 million tonnes from 13.5 million tonnes seen previously.