Argentine 2011-12 Soy Crop Seen At 46.2M Tons

Argentine 2011-12 Soy Crop Seen At 46.2M Tons

Argentina’s 2011-12 corn and soybean production prospects have suffered from a lingering drought, but recent showers arrived in the nick of time to prevent a continuing decline in soy prospects, the Buenos Aires Cereals Exchange said.

The exchange made its first forecast for both corn and soy production, pegging the corn crop at 22 million metric tons. That’s in line with last season’s corn production, despite the fact that farmers planted 280,000 more hectares of corn this season, the exchange said.

Corn planting is 95% complete, with the late-planted fields benefiting from the scattered showers seen over the past week, the exchange said.

Meanwhile, soybean production is seen at 46.2 million tons, down 2% on the year, the exchange said. “The rain arrived just in time,” the exchange said. Planting is 96% complete.

Argentina is the world’s second-largest corn exporter, leads soyoil and soymeal exports, and ranks third in global soybean exports.