By Eliana Raszewski
BUENOS AIRES, Nov 9 (Reuters) – Argentina’s 2022/23 wheat harvest forecast has been cut to 11.8 million tonnes, down from 13.7 million tonnes previously, the Rosario grains exchange said on Wednesday, warning it could fall further amid a protracted drought that is hammering farmers.
The estimate is the latest in a series of cuts to the South American country’s wheat production outlook, a blow to global supply already hit by Russia’s invasion of Ukraine and unfavorable weather in the United States.
“The current scenario that Argentine wheat is going through is one of enormous uncertainty and there may continue to be further cuts,” the Rosario exchange warned.
Argentina produced some 23 million tonnes of wheat last year, making it one of the most important wheat producers globally. This year’s production would cut that almost in half, creating potential issues meeting domestic and export demand.
The wheat production forecast would be the lowest since 10.9 million tonnes in the 2015/16 campaign. Grains exports are Argentina’s major source of foreign currency revenue. The country is also a major soy and corn exporter.
Argentina wheat (Interactive graphic)https://tmsnrt.rs/3VmUvwe
Argentina wheat https://tmsnrt.rs/3VtSY7Q
(Reporting by Eliana Raszewski Editing by Shri Navaratnam)
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