December 23, 2013

Argentina's 2013-14 wheat forecast increases to nine million tonnes

In its monthly crop report, Argentina's 2013-14 wheat crop is expected to reach nine million tonnes, up from a previous forecast of 8.5 million tonnes, the agriculture ministry said on Thursday (Dec 19).

The Argentine government also raised its forecast for the area destined for wheat crop planting by 31,000 hectares to 3.65 million hectares due to data given by the field workers.

The improved forecast comes as Argentine exporters are awaiting the government's go signal to ship 1.6 million tonnes of 2013-14 wheat that has already been sold.

International markets are anxiously waiting for word of when grains powerhouse Argentina will start exporting wheat. Argentina's international sales are regulated to ensure domestic food supply.

Argentina's government also raised its 2013-14 soy area forecast to a record 20.8 million hectares from a previous view of 20.7 million hectares.

Argentina's 2013-14 corn area projection was unchanged at 5.7 million hectares.