Argentina has pegged the revival in its soybean harvest at, potentially, 70%, noting the boost provided by "recurring and abundant" rains.

The world's third-ranked producer, in its first official forecast for the 2009-10 crop, estimated production at 51m-55m tonnes, putting the harvest on track to beat comfortably the record of 48.8m tonnes set three years ago.

The figure, in line with that of many other forecasters, reflected the end of the drought which damaged severely last year's crop.

"The evolution of the plantings is good to very good, helped by recent recurring and abundant rains," Argentina's farm ministry said.

Farmers have also increased soybean sowings, reflecting the better conditions and relatively strong soybean prices.

The report also narrowed to 20.5m tonnes, from 19m-21m tonnes, the country's forecast for corn production.

Sunflower seed output was pegged at 2.5m tonnes, compared with a previous range of 2.2m-2.7m tonnes.