Argentine Soybean Crop Revised Down Again, Wheat Acreage Seen 20 Pct lower

In what is becoming a familiar weekly ritual the Buenos Aires Grain Exchange has revised down its 2009 soybean crop estimate for Argentina to 32.0 MMT from 32.2 MMT a week earlier.

That's a reduction of 30.7% on last year and 36% down on the 50 MMT originally hoped for this season.

Even so there could still be more downward revisions to come yet. The Argentine Rural Confederation, or CRA, last week estimated production at just 30.5 MMT, 34% down on last season.

The 2009/10 wheat acreage is forecast at 3.7 mln ha by the BAGE, which would be the smallest area on record, and almost 20% lower that the 2008/09 area of 4.6 mln ha.