Argentine farmers will increase soy planting by almost 4% following a year of bad global crop weather. In the first soybean area estimate of the 2012/13 season, the Argentine Agriculture Ministry said 19.4 million hectares will be sown in the weeks ahead compared to 18.7 million hectares in 2011/12.
The man known in Argentina as “soybean king” said the country was facing a “new industrial revolution”, but factories now won’t have chimneys because they will really be “green factories”.
Monsanto, the world’s biggest seed company, suspended collection of royalties for its Roundup Ready soybeans in Brazil while it appeals a state court ruling on intellectual property rights.
The following piece was published by Dorvers, CattleNnetwork and refers to the agriculture potential of Latinamerica and Mercosur largest economy. The column sources are Daryll E. Ray and Harwood D. Schaffer, Agricultural Policy Analysis Center, University of Tennessee, Knoxville, TN.
Iran made major imports of Argentine soy-oil and soybeans between July and September as Iranian buyers found methods of making payments in the face of western sanctions, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Uruguayan farmers are planning to sow 1.105.000 hectares of crops this coming 2012/13 summer season, which is similar to last year’s of which 890.000 hectares or 80% will be dedicated to soybeans.
A leading international consultant on grains and oilseeds estimates that Argentina’s soy crop could increase 38% to 56 million tons in 2013, a year when world supply will become more dependent on South America because of smaller inventories in countries such at the US and China.
Soybean prices again climbed on Tuesday in Chicago reaching a historic record of 650.74 dollars the ton, boosted by investors’ purchases fearing limited supplies because of the worst drought in the US in the last five decades.
US and European wheat futures gained again on Thursday as importers took advantage of a price fall earlier in the week and as operators continued to anticipate Russia would drop out of export markets in the coming months due to drought-hit supply.
Mercosur farmers in Brazil and Argentina are forecast to plant more soybeans for harvesting this season in response to higher prices, at the expense of wheat and corn sowing, according to Oil World. Paraguay and Uruguay Agriculture ministries have also anticipated an increase in the soybeans planted areas.