Argentina Soybeans Latest

The Buenos Aires Grain Exchange cut its estimate for the 2009 soybean crop there to 36.2 MMT yesterday, from 37 MMT a week ago.

That means that they have now lopped 3.2 MMT off Argy output in the last fortnight.

Things could get worse still as they warn that it is "highly probable that the harvesting of the remaining area continues to deliver even lower yields in the north of Santa Fe and in the center, west, southeast and southwest of Buenos Aires and also in the northern Chaco and Santiago del Estero."

The Argy Agriculture Secretariat have so far failed to come up with an April crop estimate, despite promising one due last Friday would be delivered on Tuesday.