The US Department of Agriculture's Foreign Agricultural Service reports a higher than expected wheat production in Argentina for 2023-24, estimated at 15.4 million tonnes due to improved yields, a significant increase from the previous year's 12 million tonnes. Wheat consumption is estimated at 6.9 million tonnes, with exports projected at 10.2 million tonnes. Corn production is also higher than expected, estimated at 57 million tonnes, with exports projected at 41 million tonnes.
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Wheat production in Argentina for 2023-24 is higher than originally expected as yields improved, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. Production is estimated at 15.4 million tonnes, 2.6% higher than the USDA official estimate. With harvest nearly finished, damage from the drought during winter 2023 plus late frosts can now be measured, the FAS said. Wheat production in 2022-23 is estimated at 12 million tonnes, 550,000 tonnes lower than USDA official estimates. Several local traders believe production was even lower, between 10.8 million and 12 million tonnes. A significant volume of unsold wheat has quality issues and much of it is being mixed with good quality wheat from the new harvest, the FAS said. Consumption in 2023-24 is estimated at 6.9 million tonnes with wheat milling increasing 5%. Domestic wheat flour consumption grew slowly, particularly during periods of high inflaton. “Many consumers are switching ...