Glacier FarmMedia | MarketsFarm—As wheat production in Argentina is projected to increase in 2024/25, according to the United States Department of Agriculture attaché in Buenos Aires, the country’s corn output is to be smaller than in the previous year.
The attaché put the coming Argentine wheat harvest at 18 million tonnes, the same as the official USDA estimate. While the figure is down somewhat from the attaché’s previous call, their report noted that recent rains in Argentina helped to stop further declines due to dry conditions. Nevertheless, the estimate improved upon the 2023/24 harvest of 15.850 million tonnes.
Read Also
U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
The Buenos Aires desk included an increase in wheat exports, foreseeing 12 million tonnes in 2024/25 compared to 8.2 million the previous marketing year. Meanwhile, total domestic consumption is to standpat at 7.05 million tonnes. However, ending stocks were placed at 3.53 million tonnes, more than a million tonnes lower than in 2023/24.
As for 2024/25 Argentine corn output, the attaché estimated it at 48 million tonnes, three million less than the official USDA number. It’s also lower from the attaché’s 50.5 million tonnes of corn in 2023/24. They cited two reasons for the declines with first being last year’s spiroplasma disease the central and northern growing areas. The other with the dry conditions being generated by a developing La Nina.
Corn exports in 2024/25 are to increase by one million tonnes at 35 million and total domestic consumption is to slip by 500,000 tonnes at 14.5 million. That’s to see ending stocks drop from 4.33 million tonnes in 2023/24 down to 2.84 million.
