The Tridge benchmark Argentine wholesale wheat price is currently reported at $0.32/kg down 11%, WoW but the price, looking at a longer time frame is in bullish territory. Since the beginning of June, the price has moved from $0.17/kg to its current $0.32/kg an 88% increase over the period.
The price has stayed elevated due to the Buenos Aires grains exchange reporting the 2022/2023 wheat crop is estimated from 6.3 million mt at 6.2 million hectares (15.3 million acres), down from the 6.3 million hectares previously estimated. The market response to the earlier drought which caused farmers to delay their planting has also been priced in. The price is 49% up YoY.
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