Argentina raises 2016-17 soya area

Argentine farmers are expected to plant 20.3 million hectares with soya in the 2016/17 season, the agriculture ministry said in its monthly crop report on Thursday, up from a previous forecast of 20.2 million hectares. The 2016/17 wheat crop of the South American grains powerhouse is expected at 15.7 million tonnes versus a previously estimated 14.9 million tonnes, the report said, citing higher than expected yields. About 90 percent of this year's wheat crop has been planted so far in Cordoba, Santa Fe and Entre Rios, the report said.
"Yields in these provinces are being reported at much higher than historical averages," it added. Farmers invested more in corn and wheat planting this year after President Mauricio Macri abolished export taxes on both crops soon after taking office in late 2015.