Argentina's wheat harvest improves thanks to rainfall

Analysts at the Rosario Grain Exchange report that the 2023/24 MY wheat harvest in Argentina has improved thanks to recent rains in key producing areas. Reuters reports this.

In their weekly report, experts forecast the grain harvest at 16.5 million tons in 2023/24 MY. Moreover, after the rains, about 24% of wheat crops are in good and excellent condition (+5.7% per week).

Analysts also noted that as of mid-September, the corn sowing campaign was carried out on 2.2% of the planned area (7.3 million hectares in 2023), with the assistance of rains. At the same time, corn production is expected to reach 55 million tons.

Let us recall that in their previous forecast, analysts from the Rosario Grain Exchange predicted the wheat harvest in 2023/24 MY at 15 million tons and corn at 56 million tons.