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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject1/19/2004 8:51:35 PM
From: russwinter  Read Replies (3) of 110194
 
Reuters
Argentina crops need rain as summer heats up- gov't
Monday January 19, 4:01 pm ET

BUENOS AIRES, Argentina, Jan 19 (Reuters) - Rains are
needed in much of Argentina's main grain area to ensure that
the 2003/04 soy and corn crops continue developing well,
despite the summer heat, the government said on Monday.
By Friday Argentine farmers had seeded 98 percent of the
record 13.75 million hectares the government expects them to
sow with soy -- in line with last year's pace of planting, the
agriculture department said in its weekly report.

In southern Santa Fe province, the No. 1 soy producer,
plants are in good condition. But in central Santa Fe, the soil
is drying out due to a lack of rain and hot weather in the last
few days, the government said.

In eastern Cordoba "the crop is generally in good condition
but high temperatures are speeding up the rate of (water)
consumption in the soil profile," the report said. Elsewhere in
the No. 2 soy-producing province, plants are developing at
varying rates.

The U.S. Department of Agriculture sees Argentine soy
output of 36.5 million tonnes. Argentina is the world's No. 3
soy producer, after the United States and Brazil.

Corn plantings are also 98 percent complete, beating last
year's pace by 1 percentage point, the report said. The
government foresees farmers planting corn on 2.796 million
hectares, down from 3.084 million hectares last year.

In northeastern Cordoba, the No. 1 corn producer, the lack
of moisture is drying up plant leaves.

In eastern Cordoba, "although soil moisture is sufficient
now, rains are needed because the crop is passing through a
stage that requires a lot of water," the report said.

The USDA cut its forecast for Argentine corn production to
12.5 million tonnes from 13.5 million tonnes in December, due
to dry weather in Cordoba and La Pampa.

Farmers have finished planting 2003/04 sunflower seeds over
2.058 million hectares. Farmers have harvested 16 percent of
sunseed area, mostly in Santa Fe and the northern provinces of
Chaco and Santiago del Estero.

The 2003/04 wheat harvest is 99 percent complete, lagging
the prior campaign's pace by 1 percentage point. Farmers seeded
6 million hectares with wheat, and yields in parts of No. 1
producer Buenos Aires province have exceeded expectations.
The government sees the wheat crop reaching 12.4 million
tonnes, while the USDA predicts output of 12.5 million tonnes.
Wheat production last year totaled 12.3 million tonnes.
The figures in the following chart are expressed in
millions of hectares.
Area Pct Previous Area Pct
Estimate Planted Year Pct Harvested Harvested
Wheat 2003/04 6.001 100.0 (100.0) 5.596 ( 99.0)
Sunseed 2003/04 2.058 100.0 (100.0) ---- ----
Corn 2003/04 2.796 98.0 ( 97.0) ---- ----
Soy 2003/04 13.750 98.0 ( 98.0) ---- ----
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