Argentina issued its first forecast for wheat production from the 2011-12 season Thursday, pegging the crop at 11 million to 13 million metric tons, down from the 14.7 million tons harvested the previous season.
The estimate of 2010-11 corn production was also raised to a record 22.9 million tons, up from a previous forecast of 21.9 million tons, the agriculture ministry said in its monthly crop report.
Argentina is the world’s largest soymeal and soyoil exporter, ranks second in corn and third in soybeans, and is a leading exporter of wheat and sunflower seed oil.
Source: marketwatch.com