Grains

Argentina: 2023-2024 Wheat Season Over with 7.65 Million Tonnes Exported

Dec, 04, 2024 Posted by Gabriel Malheiros

Week 202447

The Rosario Board of Trade (BCR) announced that the 2023-2024 wheat market year ended with 7.65 million tonnes exported.In November alone, 540,000 tonnes were shipped overseas, nearly quadrupling the volume recorded during the same month a year prior. Meanwhile, truck deliveries to the Greater Rosario area increased by 83.5%.Nevertheless, prices continued to decline in both local markets and on the Chicago Board of Trade, according to a report by Blas Rozadilla, Emilce Terre, and Julio Calzada, based on data from the National Institute of Statistics and Censuses (Indec) and Nabsa Maritime Agency.

The monthly shipment volume reflects a 108.2% increase month-on-month and a 286% jump year-over-year. Overall, the 2023-2024 cycle saw 7.65 million tonnes of wheat sent abroad, a result in line with earlier projections. This marks a 146% rise from the drought-impacted 2022-2023 season.

Despite this progress, performance in the final stretch was constrained by low water levels in the Paraná River, which prevented vessels from being fully loaded. For instance, Handymax ships, typically capable of carrying up to 33,000 tonnes, carried an average of 28,500 tonnes in their most recent shipments, as reported by Nabsa.

Looking ahead to the next season, the Strategic Guide for Agriculture (GEA)-BCR adjusted its production forecast in November to some 18.8 million tonnes—700,000 tonnes less than the October projection.

Finally, projected exports for the upcoming cycle are expected to reach 12.5 million tonnes, which, if realized, would be the second-highest volume in history.

Original reporting by Portal Portuario; translation by DatamarNews

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