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5 million mt, only half of the previous year's output of 23 million mt, and will also be the lowest since 2014/15 (10.
9 million mt), as yields are expected to fall to their lowest level
since 2008/09, according to the Rosario Grain Exchange (BCR).
The exchange expects Argentina to export only 6 million mt of wheat in 2022/23, of which 5.
5 million mt is milled wheat.
Domestic wheat prices in Argentina have soared to their highest level
in 10 years.
5 million mt is milled wheat.
Domestic wheat prices in Argentina have soared to their highest level
in 10 years.
The exchange expects Argentine wheat ending stocks in 2022/23 to be 1.
72 million mt, the lowest level in five years
.
Wheat ending stocks in 2017/18 were 1.
2 million tonnes
.
72 million mt, the lowest level in five years
.
Wheat ending stocks in 2017/18 were 1.
2 million tonnes
.
Domestic wheat consumption is also expected to fall to 5.
5 million mt due to reduced wheat production, also a five-year low
, the exchange said.
5 million mt due to reduced wheat production, also a five-year low
, the exchange said.
As of December 20, 2022, Argentina's domestic wheat price was around $350/mt, the highest level in 10 years, due to limited
supplies.
For comparison, soft red winter wheat futures in Chicago were trading at around $279.
6/mt as of Dec.
22, with cold weather in the U.
S.
last week threatening the winter wheat crop
.
supplies.
For comparison, soft red winter wheat futures in Chicago were trading at around $279.
6/mt as of Dec.
22, with cold weather in the U.
S.
last week threatening the winter wheat crop
.
However, Ukraine continues to export grain through Black Sea ports, and Russian wheat supplies are huge and exporters sell wheat at low prices, putting pressure
on the wheat market.
As a result, wheat export prices in Argentina and the United States are now higher than in other regions such as Russia, Australia and France
.
on the wheat market.
As a result, wheat export prices in Argentina and the United States are now higher than in other regions such as Russia, Australia and France
.
