Argentina: Grain and Feed Update
Post forecasts wheat exports in marketing year (MY) 2018/19 at 13.6 million tons, 600,000 tons lower than USDA. Due to tighter supplies, Post estimates barley exports for 2017/18 at 2.5 million tons, 100,000 tons lower than USDA. Argentine corn production for MY 2018/19 is forecast at 41.5 million tons, 500,000 tons higher than USDA, due to an increase in harvested area. Strong global competition is expected to slow down the pace of corn exports. Rice production in 2018/19 is projected at 1.22 million tons (rough basis), 80,000 tons lower than USDA. Although the recent devaluation has improved farmers’ returns, many producers are discouraged after several crop seasons with tight or negative returns. There are no significant changes in tables for sorghum.
