Argentine growers have harvested about 5 percent of this year's soy, with high yields in the central farm belt compensating for flood damage in northern fields and keeping the country on track for a record crop, analysts said on Wednesday.

Adding to what is expected to be all-time high world soybean output this season, forecasts for Argentina's crop range from 56 to 60 million tonnes, exceeding the record 53.4 million tonnes that the agriculture ministry recorded last season.

"Some areas will be lost (due to flooding), but the fact that yields are rising in other areas will compensate," said Guillermo Rossi, an analyst with the Rosario grains exchange.

The Argentine Agriculture Ministry forecasts a 2014-15 crop of 58 million tonnes.

"If it doesn't rain much more during the harvest period, we will have a record crop in a range of 58-60 million tonnes," said crop analyst Pablo Adreani of consultancy Agripac.

The U.S. Department of Agriculture expects global soy stocks to hit a record-high 89.5 million tonnes by the end of the 2014-15 season. It forecasts world soy production at a record 315.1 million tonnes.

Strong soybean demand from China and global demand for soymeal livestock feed has kept a floor under Chicago soybean futures, which have hovered near the $10 a bushel mark in recent months, after falling to a 4-1/2 year low near $9 in October.

Early March floods in the Argentine provinces of Cordoba and Santa Fe have receded over the last 10 days. But soils in some areas remain too soft to support heavy harvesting combines.

Early-planted soybeans in the central farm belt, anchored by the bread-basket province of Buenos Aires, are coming in at 4 million tonnes per hectare versus 3.6 million last year, Rossi said. The Buenos Aires Grains Exchange said it is seeing average yields of 4.0 to 4.5 tonnes per hectare in the same area.

But farm consultant Manuel Alvarado Ledesma said he doubted that the ample yields seen in Buenos Aires will fully compensate for the serious flood damage reported from Cordoba and Santa Fe.

"I still think there could be a reduction in crop estimates of a million tonnes," Alvarado Ledesma said.