The Rosario Grain Exchange has raised its forecast for corn production in Argentina to a record 67 million tons, which is 15 million tons higher than the USDA's estimate.
The Rosario Grain Exchange has raised its forecast for corn production in Argentina to a record 67 million tons, which exceeds the USDA estimate by 15 million tons.
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Experts from the Rosario Grain Exchange have increased their forecast for Argentina's corn harvest by 5 million tons to a record 67 million tons (52.5 million tons in 2023/24 MY), while the USDA in its April balance maintained the harvest forecast at 52 million tons. Currently, corn in the country has already been harvested on 15% of the area (5% last year), and early plantings are showing quite high yields despite the lack of precipitation. Late plantings during the ripening period received sufficient moisture, so the production estimates from local analysts at 62-67 million tons may be justified, which will force the USDA to adjust the forecast in May. Argentine farmers have reduced the area planted with soybeans by 200 thousand hectares, preferring corn, the area of which reached 10.2 million hectares. However, exchange experts have maintained the soybean production ...