Argentina raises 2015-16 soyabean crop forecast

Argentina increased its 2015-16 soyabean crop estimate to 58 million tonnes from a previous forecast of 57.6 million tonnes, citing a faster-than-expected recovery of areas thought to have been lost to floods caused by unusually hard April rains. "Very high yields continue to be seen, despite some excessive wetness, in Buenos Aires and La Pampa provinces, as well as in the parts of Cordoba and Santa Fe that were not affected by the floods," the Agriculture Ministry said in a report. It said 93 percent of planted area had been harvested as of last week compared with 99 percent at the same point in the previous season. The pace of harvesting sped up in the first half of this month.