Heavy rains in Argentina in the last few weeks came too late to improve the condition of wheat crops. In this regard, the analysts of Rosario Grain Exchange lowered the forecast of the country’s grain production in 2023/24 MY by 0.8 mln tonnes, XM reports citing Reuters.
Thus, the forecast for wheat in Argentina was lowered to 13.5 mln tonnes, which is only slightly higher than the result of 2022/23 MY (11.5 mln tonnes). It is also noted that in addition to drought, wheat crops were negatively affected by frosts.
At the same time, the rains were essential for soybean and corn crops in Argentina. In particular, farmers were able to start the soybean sowing campaign and increase the acreage under corn.
As a result, Rosario exchange analysts still keep their crop forecasts for these crops unchanged – 50 million tons of soybeans and 56 million tons of corn.
Source: Apkinform