Reduction of the Argentine wheat harvest forecast by 800 thousand tons

The Rosario Grain Exchange has lowered its forecast for the Argentine wheat harvest in the 2023/2024 season from 14.3 to 13.5 million tons due to unfavorable weather. At the same time, forecasts for corn and soybean production remain unchanged at 56 and 50 million tons, respectively.

In July 2023, experts at the Rosario Grain Exchange expected the gross wheat harvest to be 15.6 million tons. However, lack of moisture seriously affected yields and led to lower forecasts.

Argentina had already experienced severe drought effects in the previous 2022/2023 season. Wheat production decreased extremely and did not exceed 11.5 million tons, which is half as much as in the previous season.

This reduction in wheat harvest could have a serious impact on the Argentine economy, as wheat is one of the country's key crops. Lower yields could lead to instability in the grain market and make Argentina less competitive globally.

Due to unfavorable weather and an expected decline in the wheat harvest, farmers and grain producers should be prepared for possible financial and economic difficulties. Alternative solutions and strategies for sustainable development of the agricultural sector may have to be sought.

However, it is important to note that corn and soybean production forecasts remain stable and are not subject to change. This could be a positive signal for producers and exporters of these crops, as corn and soybeans also play an important role in Argentina's agricultural sector.

The overall situation with the grain sector in Argentina requires attention and appropriate measures at the government level. Strategies need to be developed and implemented to support farmers and producers in such adverse conditions. Only through joint efforts can the impact of adverse weather be mitigated and the agricultural sector in Argentina be sustainable.