Argentina wheat harvest slashed to 11.8 mln tonnes, more cuts possible

The 2022/23 wheat harvest forecast in Argentina has been cut to 11.8 million tonnes, down from 13.7 million tonnes previously, the Rosario grains exchange said on Wednesday, warning it could fall further amid a protracted drought that is hammering farmers.

Argentina is a major wheat exporter, but the current campaign is expected to be the worst in the last seven years.

“The current scenario that Argentine wheat is going through is one of enormous uncertainty, and there may continue to be further cuts,” the Rosario exchange warned.

The institution said its calculations took into account 5.9 million hectares planted with wheat and an area loss of 830,000 hectares.

See below the track record – in terms of TEUs – the wheat (hs 1001) exported from Argentina between Jan 2019 and Sep 2022. The data is from DataLiner.

Wheat exports from Argentina | Jan 2019 – Sep 2022 | TEUs

Source: DataLiner (click here to request a demo)

In turn, soybeans have been planted on 8% of the 17.1 million hectares dedicated for the 2022/23 soybean harvest season, according to the exchange.

“Sowing is enforced in areas where there is insufficient water while the predicted storms do not arrive,” the exchange stated, adding that soy planting advanced in areas where there will be no more corn planting – a crop that had little planting lately and was hit by frosts.

Source: Money Times

To read the full original article, please go to: https://www.moneytimes.com.br/bolsa-de-rosario-faz-novo-corte-em-projecao-para-trigo-22-23-da-argentina-a-118-mi-t/

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