November 7, 2022

Argentina cuts wheat output projections lower due to late-season frosts

The Buenos Aires grains exchange has cut its wheat output projections for Argentina's 2022/2023 wheat harvest to 14 million tonnes from 15.2 million tonnes because of late-season frosts, Nasdaq reported.

Argentina, one of the biggest exporters of wheat, had initially anticipated a harvest of 20.5 million tonnes but had to lower its expectations due to a protracted drought that was made worse by prolonged frosts over the country's primary wheat-producing region.

The exchange said in a weekly crop report that new frosts over central and southern Buenos Aires and La Pampa are causing further losses while the crop is still in the process of growing.

The exchange also said they could adjust their production estimate depending on the severity of the damage.

The bulk of the 2022–23 wheat harvest has just begun, which typically takes place between November and January.

Argentina is also the third-largest exporter of corn in the world. According to the exchange, Argentina's corn planting for the 2022–23 growing season advanced 1.1% over the previous week to cover 22.9% of an estimated 7.3 million hectare planting area.

-      Nasdaq