Argentine farmers have set their sights on a record soybean crop by planting 19m hectares this year, the Buenos Aires Grain Exchange signalled in its first estimate for the 2009-10 crop.

The sowings reportedly represent a 7% increase on sowings a year before, although there has been some dispute over interpretation of the exchange's data, noted two weeks ago in varying reports of wheat production figures.

Argentina managed its record soybean crop in 2006-07, when it harvested 47.5m tonnes from 16m hectares.

While sowings rose last year, the driest weather in half a century limited the harvest to 32m tonnes.

The US Department of Agriculture has forecast the 2009-10 harvest hitting 52.5m tonnes.

Soybeans vs corn 

The planting estimate was in line with the forecasts of many analysts, who have expected Argentine farmers to raise sowings in response to high prices.

Argentina's relatively weak harvest last year, combined with strong Chinese buying, has kept soybean prices well above historic levels.

Soybean plantings have come at some expense to sowings of corn, which the exchange pegged down 24% at 1.88m hectares, and wheat, which have plunged to their lowest in more than a century.