According to the forecasts of the experts at the Rosario Corn Exchange (BCR), the wheat exports from Argentina in 2022/23 will not even reach 50% of the result of the previous season and only 7 million Tonnen compared to 14,5 million tonnes in 2021/22, reports Reuters.
It is noted that the reduction in export capacity of Grains due to the expected low wheat production in the country in the current year due to the ongoing drought as well as the recent frosts. It is expected that the current harvest of Argentine Wheat is only 11,8 million tonnes (2021/22: 23 million tonnes), which could be the lowest value in the last 7 years.
Recall that analysts at the Buenos Aires Grain Exchange have forecast grain production in Argentina this year at 12,4 million tons.
According to preliminary estimates, Argentina will lose up to 2,22 billion this season due to falling wheat exports US-Dollar lose export revenue. The decline in wheat exports from Argentina is also expected to impact global wheat supplies, which are already limited due to Russia's invasion of Ukraine.