Argentina wheat crop projections continue to fall

Drought-stricken Argentina’s 2022-23 wheat crop projections continue to trend downward as the country’s two major grain exchanges cut their forecasts on Oct. 13.

The biggest wheat producer and exporter in South America is now expected to harvest a 16-million-tonne crop, 500,000 tonnes lower than the Rosario Grains Exchange’s previous forecast.

The report also noted that a separate 2022-23 wheat crop estimate from the Buenos Aires Grains Exchange forecast a harvest of 16.5 million tonnes, down from the exchange’s prior forecast of 17.5 million tonnes.

The Foreign Agricultural Service of the US Department of Agriculture is projecting a crop of 17.5 million tonnes, which would still be Argentina’s smallest wheat harvest since 2015-16.

Government officials were scheduled to meet with Argentine wheat millers and exporters this week to discuss worries over the wheat crop and potential shortages for the domestic market.

Brazil, which is the largest importer of Argentine wheat, has enjoyed good weather and may not be as dependent on imports in 2022-23.

According to Conab, Brazil is projected to produce a record crop of 9.4 million tonnes, which is 22% higher than last year’s output.

Tags: estimate, wheat, crop, forecast, output, Argentina, Buenos Aires Grains Exchange, domestic market, Rosario Grains Exchange, harvest, grain, Brazil