Argentina’s Rosario exchange trims 2023/24 wheat harvest forecast
Argentina’s Rosario grains exchange on Wednesday trimmed its forecast for the 2023/2024 wheat harvest to 15 million metric tons, down from 15.6 million tons previously estimated, as some of the country’s agricultural areas strain under dry conditions.
Argentina is a key global wheat exporter, and farmers are trying to recover from a disappointing 2022/23 season, a historic drought cut the harvest by 50% year-on-year to 11.5 million tons.
In its monthly grains report, the exchange said that agricultural areas in western and northern Argentina are experiencing drought conditions despite ample rain this month central and eastern parts of the country.
Wheat in Argentina is currently in the stages of defining yields in much of its agricultural areas. The crop’s harvest begins in November and ends in January.
The exchange maintained its production estimate for its 2023/24 corn crop at 56 million tons, but said it may have to cut the crop’s planting area estimate of 8.5 million hectares (21 million acres) if expected rains in early October do not materialize.
“Faced with the possibility of having to delay the sowing (of corn) until December (due to the lack of rain at the beginning of October), many producers could turn to soybeans,” the exchange said.
Corn and soybeans, both summer crops, compete for acreage in the rich Pampas plains. The exchange on Tuesday maintained its current estimated area for the soybean crop at 17 million hectares, with its production estimate stable at 48 million tons.
Planting of corn and soybeans begins in the coming weeks in Argentina.
(Reporting by Maximilian Heath; Writing by Carolina Pulice; Editing by Jonathan Oatis, Brendan O’Boyle and Sandra Maler)
((Carolina.Pulice@thomsonreuters.com;))
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