Argentina 2023/24 wheat harvest forecast cut to 13.5 mln tons – Rosario exchange
Analysts of Rosario Grains exchange lowered the forecast of wheat harvest in Argentina in 2023/24 MY to 13.5 mln tonnes from the previous estimate of 14.3 mln tonnes, Reuters reports.
The expected 13.5 mln tonnes is only slightly higher than the production volume in 2022/23 MY, which amounted to 11.5 mln tonnes.
The rains that have been falling in Argentina in the last few weeks came too late to improve the condition of wheat crops. Moreover, in addition to the drought, wheat crops were damaged by frost.
However, rains were necessary for soybean and corn crops in Argentina. As previously reported, last week farmers were able to accelerate the pace of planting these crops. As a result, stock analysts keep their forecasts for soybean harvest at 50 million tons and corn at 56 million tons.
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