Argentina: Grain and Feed Update

Improved weather forecasts are expected to lead to recoveries in grain production in Argentina. However, continued dry conditions are projected to limit planting of wheat and rice. The Argentine government has announced a new temporary exchange rate program to boost exports of grains in July and August with barley, corn, sorghum and rice all eligible for the favorable exchange rate. Wheat production in marketing year (MY) 2023/24 is lowered to 17.0 million metric tons (MMT). Exports remain unchanged at 12.0 MMT. Barley production for MY 2023/24 is lowered to 4.5 MMT. Smaller output will cut potential exports to 2.6 MMT. Corn production in MY 2023/24 is projected slightly higher at 55.0 MMT. Rice production for MY 2023/24 is forecast at 1.054 MMT, rough base, significantly lower than the official USDA estimate. Rice exports are lowered accordingly.