BUENOS AIRES (Reuters) — Argentina is expected to produce 55.5 million tonnes of soy this season, the Buenos Aires Grains Exchange said on Thursday, citing higher-than-expected yields as the reason for increasing its previous estimate of 54.5 million tonnes.
Recent rains have slowed soybean collection, putting this year’s harvest progress 15.4 percent behind last year’s tempo.
“Despite this, 63.9 percent of the 2013-14 crop has been harvested, with an upward trend in crop yields recorded in wide parts of Cordoba province and in northeastern Argentina,” the exchange said in its weekly report.
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The South American grains powerhouse is the world’s top exporter of soyoil and soymeal, as well as its No. 3 supplier of raw soybeans.
The government expects a 2013-14 crop of 55 million tonnes, while the Rosario grains exchange sees a harvest of 54.9 million tonnes.
The Buenos Aires exchange said good weather has contributed to strong 2013-14 corn yields as well, which could lead to an increase in this season’s 24 million tonne crop forecast.
The government sees a 2013-14 corn crop of 29.8 million tonnes and the Rosario exchange forecasts 23 million tonnes.
In its weekly report, the Buenos Aires exchange said 28.3 percent of the corn crop has been collected, lagging last season’s harvesting tempo by 12 percent.
