Argentina forecasts 2017/18 soy crop at 53 million tonnes

BUENOS AIRES: Argentina is expected to harvest 53 million tonnes of soybean, its largest cash crop, in the 2017/18 season, the agriculture ministry said in a statement on Friday.

Government estimates put wheat production for 2017/18 at 18 million tonnes, and corn production at 51 million tonnes.

Soy planting has contracted in Argentina since President Mauricio Macri lifted export restrictions on wheat and corn soon after taking office in late 2015. The policy shift lead to an increase in crop rotation after years of over-planting soy.