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Argentina's government holds soya area outlook at 19 million hectares
Posted by Labels: 2011 News, Argentina, Futures Soybeans, soybean
Argentina's government has kept its forecast for 2011/12 soya area at 19 million hectares, despite growing concerns over dry weather in the world's top soyaoil and soyameal exporter.
In its latest monthly crop report, the government also held its outlook for 2011/12 wheat production at 12 million tonnes and maintained its 2011/12 corn area forecast at 4.9 million hectares.
Argentina is a major global supplier of these crops and dry weather in recent weeks has begun to hurt prospects for soya and corn.
Wheat is safer since farmers are already harvesting it.
"Farmers didn't finish seeding estimated soya area (in central Buenos Aires province) and the main factor was the lack of moisture and the low temperatures," the government said in its weekly report, published on Friday.
"Crop development is very patchy," the report added.
Buenos Aires province is the biggest soya-producing district in Argentina.
By Thursday, growers had sown 77 percent of estimated soya area and 83 percent of corn area, the government said.
With regard to the 2011/12 corn crop, the government said the condition of plants varied greatly depending on when they were seeded.
Agriculture Ministry authorities have said soya output could come in at between 52 million and 53 million tonnes, while corn production could reach a record 30 million tonnes.
Officially the government has not released estimates for either crop.
Meanwhile, farmers have gathered 52 percent of harvestable wheat area.
That grain is in good shape thanks to plentiful rains at a key moment in the crop's development.
The US Department of Agriculture estimates Argentine soya during this crop year at 52 million tonnes, corn at 29 million tonnes and wheat at 14.5 million tonnes.
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