Argentina’s wheat production outlook is likely to face more cuts due to lower-than-expected yields, the Buenos Aires Grain Exchange said in its weekly report. The exchange continues to estimate the Argentine wheat crop at 12.4 MMT, but yields are even lower than expected. “If this trend continues, it could affect our current estimate,” the exchange said.
The exchange added the delayed planting of 2022-23 soybeans, estimated at 16.7 million hectares, was still being held up by “the lack of surface humidity and high temperatures,” despite some rains in recent days. Soybean planting, it said, was 29.1% complete, 17.2 percentage points behind last year, and more than 30 percentage points behind in some regions.
Corn planting is 25.4% complete on the 7.3 million hectares projected, the exchange said, while producers have begun to sow batches of late-planted corn.
