February 4, 2013

Argentina's 2012-13 wheat forecast down

USDA cut its wheat production and export forecasts in Argentina for 2012-13 due to heavy rainfall and excessive humidity.

Post estimates Argentine wheat production of 10.3 million tonnes in 2012-13, 70,000 tonnes below USDA's official number due to lower than expected yields because of bad weather. The USDA said the drop in production would directly affect exports, which are estimated at 4.3 million tonnes, 700,000 tonnes lower than the official estimate.