Argentina: Grain and Feed Update

Argentine wheat production in marketing year (MY) 2023/24 is expected to drop to 14.5 million tons, 2 million tons below USDA’s official volume due to a dry environment in a vast area of the country. Exports are also adjusted downward at 10 million tons (including flour and products). Barley production for MY 2023/24 is expected at 4.4 million tons, 900,000 tons lower than USDA on smaller area. This also affects the export surplus which Post sets at 2.8 million tons, 600,000 tons lower than USDA. Corn production for MY 2023/24 is down at 53 million tons on an area 200,000 hectares lower than USDA due to dry weather and some shift of area to soybeans which currently have better returns. Exports are forecast at 38 million tons, 3 million tons lower than USDA. Sorghum production in MY 2023/24 is projected at 3.2 million ton, 700,000 tons higher than USDA on a larger area. Exports remain at 1.3 million tons as local brokers believe demand from China will continue. Rice production in MY 2023/24 is forecast at 1.09