Business: Argentine Soybean Forecast Raised 4% to 48.8 Million Tons..

Argentina’s soybean crop, the world’s third largest, may be 4 percent higher than last week’s forecast at 48.8 million tons after recent rainfall, the Buenos Aires Cereals Exchange said.

Rain in the past week has boosted yields, the exchange said today in its weekly crop report on its website. Last week the exchange forecast the soybean crop would reach 47 million tons.

Argentine farmers produced a record 55 million tons of soybeans last year. Output was pared in the current season by dry weather between November and January. Harvesting of the oilseed starts next month and runs through June.

The country’s corn crop, which is being harvested, is forecast to reach 19 million tons, the exchange said. Argentina is the world’s second-largest exporter of the grain, behind the U.S. The U.S. and Brazil are the two largest soybean exporters.

Soybean futures for May delivery rose 2.25 cents, or 0.17 percent, to close at $13.29 a bushel at 1:15 a.m. on the Chicago Board of Trade. On Feb. 9, the oilseed reached $14.5575, the highest since July 2008, amid rising global demand. The commodity has gained 39 percent in the past year.

Bloomberg/ Orihuela/ 02/25/2011

Florida Latin Connection/ Arnoldo Varona, Editor

* Business: Argentine Soybean Forecast Raised 4% to 48.8 Million Tons..