Argentina wheat harvest ends up 24 per cent year over year

Argentine farmers have closed the 2023/24 wheat campaign with a harvest of 15.1 metric tons, slightly lower than initially hoped for but up nearly a quarter versus the drought-hit previous season, the Buenos Aires grains exchange said on Tuesday.

In a wrap-up to mark the end of the wheat season, the exchange said planting of the crop had been 5.9 million hectares (14.6 million acres), its lowest in the last five seasons due to dry weather last year that has since reversed with decent rains.

The lower planting dented initial production estimates.

“The campaign ends 3.1 million tons below the initial outlook due to the reduced planting area, late frosts in early October and a large part of the central farm area affected by water stress during the critical period,” it added

The national average yield for wheat was around 25 per cent higher than the previous cycle, but 2.7 per cent lower than the average yield of the last five campaigns, it added. The harvest was up 23.8 per cent.

It added that despite the improved harvest versus the drought-hit 2022/23 season, lower global prices would dent the crop’s economic impact this year, though a rebound in exports should help bring in more tax revenues for the government.

Argentina is a key global wheat exporter and one of the top suppliers of soy and corn. It is heavily reliant on grains exports for foreign currency income needed to refill depleted reserves and bolster the embattled economy.

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