MercoPress. South Atlantic News Agency

Argentina expects at least 50 million tons of soy and 30 million of corn in 2013/14

Minister Yauhar anticipated that the government is considering lifting restrictions on cereal exports

Argentina’s 2013/14 soybean crop will be above 50 million tons while corn can be expected to reach 30 million tons, according to the country’s Agriculture minister Norberto Yauhar, based on preliminary production estimates. The minister also advanced that caps on wheat and corn exports could be lifted in the near future.

Argentina limits exports of the two cereals with the purpose of ensuring the domestic market is well supplied and impedes sudden price increases. However the measure is much criticized by farmers since they claim it ects profits and planning for future crops.

“Next agriculture year (2013/14), the soy crop will be above the 50 million tons”, said Yauhar during a meeting of Agriculture ministers of the Americas taking place this week in the Argentine city of Campana.

“And regarding corn, we are working on a floor of 30 million tons” added the minister.

In the previous crop year 2012/13, Argentina harvested 49.3 and 32.1 million tons of soybeans and corn. Argentina is the world’s leading exporter of soy oil and soy flour and the third of corn.

Yahuar also revealed that the government of President Cristina Fernandez which has been in constant dispute with farmers over prices, taxes and caps, is considering eliminating restrictions on exports of corn and wheat.

“Yes, I believe so. At the moment we are evaluating with our technical teams how this initiative could be implemented. It’s a path, but it’s not going to happen today or tomorrow” said the minister.

Nevertheless as a first approach the government could announce the volume of both cereals which could be exported with greater anticipation than in previous occasions, usually a few months before the grains are sown.

“An anticipated liberation of the corn and wheat quotas is feasible, it’s under consideration”, said Yahuar who insisted that the government must also guarantee “the food security of our country. The logics of markets sometimes are not easy”.

Argentina is a major exporter of wheat, although most shipments end in neighbouring Brazil.