Argentina's wheat crop prospects worsen due to lack of rainfall

Analysts from the Buenos Aires Grain Exchange note in their report that currently 50% of Argentina's wheat crops in MY 2023/24 are in fairly poor condition due to lack of rainfall, which is 5% higher than a week earlier, Nasdaq reports.

It is also noted that the lack of precipitation at the beginning of this month forced experts to reduce the estimate of the country’s wheat harvest in 2023/24 MY by almost 2%, to 16.2 million tons.

The wheat harvest in Argentina is due to begin in the coming weeks and will last until January 2024.

According to the exchange, the rains are also leading to delays in the corn sowing campaign, which will lead to an increase in the share of planting areas for late-sowing grains, which have lower yield levels.