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MY2020/21 wheat production is forecast at 17.4 million tons, 8 percent lower than USDA due to weather losses, reducing exports to 11.2 million tons.
Wheat production for marketing year (MY) 2020/21 is forecast at 20 million tons on reduced planted area.
Wheat production for 2020/2021 is projected at a record 20.2 million tons on a 2 percent area increase with exports of 13.4 million tons (including wheat flour), the second largest in history.
On Wednesday, March 4, 2020 the Government of Argentina announced adjustments to its export tax regime.
A new government policy raising export taxes for agricultural products from 6.7 percent to 12 percent in December 2019 drives advanced MY19/20 grain crop sales.