Argentina will produce 22.5 million tonnes of commercial-use corn in the 2014/15 crop cycle, the Buenos Aires Grains Exchange forecast on Thursday. It was the exchange's first corn estimate of the season. Last week, the Rosario grains exchange raised its forecast of the 2014/15 corn harvest to 23.5 million tonnes from its earlier estimate of 22.4 million.
Both exchanges said corn fields in the Pampas farm belt have benefited from steady January and early February rains.
"Yield expectations for early-planted corn are high, thanks to ample soil moisture in almost all of the farm belt," the Buenos Aires exchange said. "Late-planted corn also shows good harvest potential." The Buenos Aires exchange expects a soy crop of 57 million tonnes while Rosario forecasts 58 million tonnes.
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