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Argentine soya boom a blow to corn growers
Buenos Aires (UPI) Dec 29, 2009 Argentina's record crops of soybean have caused dismay among corn and sunflower growers who see the government's emphasis on lucrative soybean exports as a potential blow to their agricultural crops, essential to food security. Last year Argentina earned about $24 billion from soybean exports, which are now seen by many growers as a good money spinner when compared with conventional crops such as corn. The farmers' protests are having little effect on soybean enthusiasts, who were drawn to this year's forecasts of a record bumper crop likely to exceed 50 million tons -- 5 million tons more than last year. The soybean is now commonly called "green gold" -- a reference to its high earning potential. The Rosario Chamber of Commerce said the soybean crop yield was likely to reach the record level despite a chronic drought and disincentives such as unpopular government export taxes. Agriculture industry sources said the high yield owed much to farmers switching away from corn and other food crops to put more land under soybean cultivation. In some provinces, soybean crops this year encroached on more land previously dedicated to corn. Agriculture experts have said the El Nino effect has made likely an abundant rainfall and heating of the South Atlantic, which is likely to generate welcome humidity in the area. The good news of a high soybean yield contrasts with all-round pessimism in Argentina's food agriculture sector, which has suffered under the worst drought in 100 years. Grain production is estimated to have dropped 39 percent and livestock losses have multiplied, with some estimates putting total livestock at more than 1.5 million animals. The drought has also caused a 7 million to 8 million ton drop in wheat production. President Cristina Fernandez de Kirchner has faced criticism from farmers over a lackluster government response to the crisis. The government has countered the charge but admitted that it is under resourced because of poor performance in other sectors of the economy.
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