RTRS - Argentina corn output seen at 25 mln tonnes-grains exchange
Posted by Labels: Trader's highlightBUENOS AIRES, Feb 14 (Reuters) - The Buenos Aires Grains Exchange estimated a 2012/13 corn crop of 25 million tonnes in its first forecast for Argentina's corn harvest on Thursday, and held its outlook for soy at 50 million tonnes.
Argentina is the world's No. 3 supplier of corn. The U.S. Department of Agriculture sees Argentine output of 27 million tonnes for the 2012/13 crop year.
The exchange said that if its forecast holds true, corn production will expand by 16 percent from last season's drought-battered harvest. It would also top the record output of the 2010/11 season, estimated by the government at 23.8 million tonnes.
Market hopes for an even bigger corn crop this season were tempered by dry, hot weather in January, which the exchange said reduced yield potential in crops seeded during late October, November and December. Earlier-seeded corn fared better.
It said rain was still needed in many areas, particularly in Argentina's northern regions.
"We hope that weather forecasts predicting rain in the coming days will come to pass so the stress suffered in several farming areas begins to ease," the exchange said.
Farmers have harvested 3.7 percent of the 3.68 million hectares planted with commercial-use corn this season, beating last year's pace by 2.5 percentage points, the grains exchange said in its weekly crop report.
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