The monthly crop report for Argentina released Thursday shows a drop in the wheat planted area by 16% to 4.9 million hectares (a hectare is 2.2 acres). Last month, the agricultural secretariat predicted that 5.1 to 5.4 million hectares would be planted to wheat.
As of June 12, farmers in the country had planted 24% of the area planned for wheat. The planting pace is 13 percentage points behind last year's pace.
The country's farmers are in turmoil over export taxes for soybeans, which have lead to rights and a breakdown of exports for the oilseed. Many world buyers have turned to the United States for soybean supplies.
The ag secretariat trimmed its forecast 2007-08 soybean output by 500,000 metric tons to 46.5 million tons based on late soy plantings. And the corn forecast was cut to 20.4 million tons, down 400,000 tons from last month's report.
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