Argentina: Grain and Feed Update
Argentine wheat production for 2017/18 is increased to 18 million tons, 500,000 tons higher than USDA as final yields have been surprisingly higher than earlier expected. Post increases exports marginally to 12 million tons and bumps up ending inventories to 826,000 tons. Local traders expect about 50 percent of the exports to go to Brazil. Barley production for 2017/18 is also raised to 3.2 million tons, 350,000 tons higher than USDA because of excellent weather conditions, new seed varieties and good input application. Exports are adjusted upwards at 1.95 million tons. Post forecasts 2017/18 corn production at 40 million tons, 2 million tons lower than USDA. There are still many uncertainties over the final estimate as the weather has been very dry and hot. Planting is still underway in the northern regions of the country. Sorghum exports for 2016/17 are raised to 600,000 tons, 200,000 higher than USDA. Rice harvested area is increased to 196,000 hectares, 11,000 hectares more than USDA due to improved weather and new infrastructure put into production.
