Producers to Plant Record Soy Crop in Argentina

Agriculture Secretariat also upped its forecast for corn area.

The Agriculture Secretariat predicted Wednesday that farmers in Argentina will plant 16.05 million hectares of soybeans in the 2006-07 crop cycle, a figure that would be a record and up slightly from last month's prediction of 16 million hectares.

The Secretariat's corn area forecast is also up, from 3.45 million to 3.5 million hectares this month.

Due to weather conditions, including heavy rainfall late in 2006, analysts forecast record soybean production and high corn production. The wheat production forecast, at 13.7 million tons, remains unchanged.

If good or normal weather follows in January and February, expect record corn and soy yields.

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