BUENOS AIRES, Argentina (Reuters) — Argentina will harvest 54.5 million tonnes of soybeans in the 2016-17 crop year, the Rosario grains exchange said Feb. 8, up from its previous estimate of 52.9 million tonnes as higher yields compensated for a smaller planted area.
The exchange lowered its estimate for planted soybean area to 45 million acres from 48 million acres, as excessive rains in some areas and drought in others interfered with planting.
The country’s corn crop will total 36.5 million tonnes, the exchange said in its February monthly report, up from its previous estimate of 35.5 million tonnes.
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Corn planting in Argentina starts in September and ends in December, with harvesting occurring from March through June.
Soybeans go in the ground in October through January and the crop is brought in from March through May.
Also late last week, Argentina raised its estimate for the 2016-2017 wheat harvest to at least 17 million tonnes from its previous forecast for 16.5 million tonnes, the country’s agriculture ministry said.
Argentina is one of the world’s largest wheat suppliers and harvesting for the 2016-2017 season is wrapping up now.
“We’re going to surpass 17 million tonnes of wheat,” this year, Agriculture Minister Ricardo Buryaile was quoted saying in a statement from the government.
Farmers planted nearly 20 percent more wheat for the 2016-17 season compared to a year earlier after centre-right President Mauricio Macri eased taxes and restrictions on exports.
