Argentina's 2011-12 soybean crop will likely total 44 million metric tons, the agriculture ministry said in its monthly crop report Thursday.

Last month, the government had forecast production of 43.5 million to 45 million tons. Early drought hit yields hard, but steady showers since late January have stemmed the damage.

Farmers are just starting to harvest the soy crop. Argentina leads global soyoil and soymeal exports and ranks third in soybean exports.

The government also raised its forecast for 2011-12 corn production to a record 23 million tons, up from 20.5 million to 22 million tons estimated last month.

While still a new high mark, that's down significantly from early expectations for as much as 30 million tons of corn this season.

Argentina is the world's second-largest corn exporter and the harvest is well under way.

Estimates for Argentina's 2011-12 crop production in millions of metric tons (MT) (One hectare equals 2.47 acres):

Wheat      Soy         Corn        Sunseed 
 
B.A. Cereals Exch    14MT       46.2MT      20.8MT       3.5MT 
Ag Ministry          13.4MT     44MT        23MT         3.7MT 
USDA                 14.5MT     46.5MT      22MT         3.2MT 
Rosario Grain Exch   13.7MT     44.5MT      19.8MT       --

Argentina's historical production in millions of metric tons, according to the USDA:

Wheat      Soy         Corn        Sunseed 
2010-11              15         49          22.5         3.6 
2009-10              9.6        54.5        22.5         2.3 
2008-09              10.1       32          15           2.9 
2007-08              18.6       46.2        22           4.65 
2006-07              16.3       48.8        22.5         --

-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com

(END) Dow Jones Newswires

March 22, 2012 13:10 ET (17:10 GMT)