News
18.11.2009
Oil World cuts Argentine 2010 soya crop forecast
German oilseeds analysts Oil World said on Tuesday it has cut its forecast of Argentina's soybean crop in early 2010 to 48 million tonnes from 50 million tonnes in its previous forecast on November 3 due to dry weather. In late October it had estimated the country's crop in early 2010 at 52 million tonnes. But the lower forecast would still be an increase on the drought-reduced 32.0 million tonnes Argentina harvested in early 2009.
Dry weather continues to cause serious concern about Argentina's crop in early 2010, it said. "The next few weeks will show whether this downward revision has been premature or whether further downward adjustments will become necessary," it said.
The global soybean and soy products market had been expecting improved South American supplies in early 2010 and in turn falling prices, it said. "The smaller the production increase in South America will be, the less downward pressure on prices can be expected," it said.
Reuters
