Argentina: Grain and Feed Update

Wheat exports for marketing year (MY) 2022-2023 are forecast at 6.2 million tons (including wheat flour), 1.3 million tons lower than USDA’s official volume because of smaller beginning stocks, larger domestic consumption and larger ending stocks. Barley exports in MY 2022-2023 are forecast at 2.3 million tons, 400,000 tons lower than USDA’s estimate due to lower output paired with increased domestic consumption. Corn production for MY 2022-2023 is down from last year, coming in at 45 million tons, 7 million tons lower than the official USDA estimate. Very dry conditions have severely affected the early planted corn, while the late corn could still reach almost average production, if rains come in February and March. Due to these poor growing conditions, corn exports are down to 32.2 million tons. Sorghum production and exports in MY 2022-2023 are also reduced. We see the same downward trend for rice as very dry conditions have caused farmers to abandon more than 20,000 hectares of rice.