Argentina’s wheat production forecast is down again on bad weather

Argentina’s wheat crop is seen sliding again due to prolonged drought plus a recent cold snap, with a grains exchange slashing its production forecast for the main bread and pasta ingredient by nearly 8% in the second downward revision over the past week. The current 2022/2023 wheat crop is estimated at 15.2 million tonnes, down from last week’s forecast of 16.5 million tonnes, the Buenos Aires Grains Exchange (BdeC) said in its weekly report on Thursday. Agricultural powerhouse Argentina is one of the world’s top wheat exporters, as well as a major supplier of soybeans and corn. The global supply of wheat in particular has tightened significantly since Russia’s invasion of neighboring Ukraine nearly eight months ago. Both countries are big wheat producers. BdeC also cut its projection for fields planted with corn to 7.3 million hectares from 7.5 million hectares estimated last week, down about 3% and blamed on the months-long drought. Freezes from Oct. 8-9 in key areas planted ...