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Soyabean And Corn Crop Might Witness Significant Decline In South America

27 January 2012

ARGENTINA - Dry spells in the fields of world's major producing and exporting nations might embrace the buoyancy in the global soyabean and corn prices in the current year.

According to IIFL,he latest release from Argentina's Buenos Aires Grains Exchange stated that the Argentina's soyabean and corn harvests will witness significant decline in this season due to dry weather which might crimp world food supplies.

In its first harvest estimates of the season, the exchange forecast soya production of 46.2 million tonnes versus 49.2 million in 2010/11. While they projected a 2011/12 corn harvest of up to 22 million tonnes, down a touch from the 22.1 million tonnes registered by the exchange in the previous season.

This came in the wake of dry spells in major producing regions from the last two months. Moreover, Rosario grains exchange to slash its 2011/12 corn production outlook to 21.4 million tonnes this month, down nearly 18 percent from its previous estimate due to dryness related to the La Nina phenomenon.

Therefore, shortfall in major crops might also allow the government to put export restrictions in the current year. This may also result to soaring prices of soyabean and corn in international market.

TheCropSite News Desk

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