Argentine Ministry of Agriculture: soybean crops in most parts of Argentina are growing well

According to the weekly report released by the Argentine Ministry of Agriculture over the weekend, soybean crops in most agricultural areas of Argentina are growing well, but the dry weather in the southwest continues to affect local soybean growth.

Sowing soybeans had completed 33.8% of the planned area of 19 million hectares as of Wednesday, according to the Buenos Aires Grain Exchange in Argentina.

The sown area of soybeans this year is expected to be 7% higher than the previous record, mainly due to a decline in the acreage of corn, sunflower seeds and wheat.

Argentine wheat production will also be boosted by mild El Ni ñ o weather this year.

Agricultural analysts expect Argentina to produce 4800 to 55 million tons of soybeans in 2009-10, up from the previous record of 47.5 million tons set in 2006-07.