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Record crop forecast for South America
Apr. 15, 2010
USDA raised its estimate of Argentinas soybean crop by one million metric tons to 54 million tons and that estimate rise a bit further in coming months.
Argentinas agriculture ministry indicated it expects the soybean crop size to reach 55 million metric tons compared with its previous estimate of 51-55 million tons.
The Buenos Aires Grain Exchange raised its crop estimate to 54.5 million tons due to bumper yields. The exchange estimated that producers had harvest 28% of the Argentine crop, up 14% from a week earlier.
USDA also raised Brazils projected crop by another 500,000 tons to 67.5 million tons and now pegs combined production for Argentina and Brazil at 121.5 million tons, up 36% from the 2008-09 level of 89.2 million.
Combined ending stocks for the two countries are also expected to be up 36% from last year to a record 43.8 million tons.
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