South American Planting Advances

Argentina ahead of last year's pace; Brazil is a little behind.

Argentine corn and soybean planting is moving rapidly due to good weather conditions. According to the Agriculture Secretariat, 70% of corn has been planted, more than 11% ahead of the same time last year. Soy planting was not estimated last week, but the wheat crop was estimated between 14.5 and 15.3 million tons.

Brazil has had a slower start to planting this year and farmers have planted 27% of soybeans, 5% behind last year's pace. Although the pace in Mato Grosso, the country's largest soy producer, is slower than last year, farmers have planted 44% of the soybean crop. According to Celeres, a consulting firm, recent rainfall should move the planting of the 2007-2008 soybean crop forward.

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