Argentine Farmers May Plant Considerably More Soybeans In 2008

Comments overnight by Ricardo Echegaray, head of the Argentine government unit that regulates the sale of grains and livestock, that "Argentina will continue to restrict agricultural exports to protect domestic food supplies and keep prices in check" may well encourage more soybean planting in the season ahead.

Recent estimates of an increase of 5-6% may prove to be somewhat conservative given the strained relationship and mistrust between Argentine farmers and the government.

With mountains of wheat and corn used domestically, but very few soybeans, and the lower input costs of beans, and the fact that some acres planned to go into wheat didn't make it due to drought I think that there could be considerably more soybean acres planted this year (planting takes place in Nov/Dec).

The one crop they are going to want to plant is the one that is the least likely to have export restrictions placed on it because it isn't widely used domestically. Step forward Mr Pedro Soybean.