November 11, 2022
Argentina slashes wheat crop forecast further by 11%
The Buenos Aires Grains Exchange has slashed Argentina's 2022/2023 wheat crop forecast further by 11%, now 12.4 million tonnes compared to the previous estimate of 14 million tonnes due to late frosts and prolonged drought, Nasdaq reported.
This year, Argentina's main agricultural sector has been severely impacted by unfavourable weather, which has a negative impact on both the bottom lines of grain farmers and the government's need for the hard currency that export revenues bring in to the state coffers.
The exchange's weekly report said they have reduced our wheat production projection to 12.4 million tonnes after they evaluated the damages caused by freezes in October and early November covering the southern part of the agricultural area.
The separate Rosario Grains Exchange also revised the estimated the season's expected crop downward at just 11.8 million tonnes.