Argentina exchange cuts corn, wheat harvest outlook due to drought
Argentina’s major Rosario grains exchange cut its production forecasts for the country’s corn and wheat crops on Wednesday as a prolonged drought impacts the major grains producing country.
In a monthly report the exchange estimated 2022/23 corn production to reach 56 million tonnes, lower than the previous estimate of 58 million tonnes.
The exchange forecast the 2022/23 wheat harvest at 16.5 million tonnes, down from 17.7 million tonnes before.
On the other hand, the exchange increased its forecast for 2022/23 soybean production at 48 million tonnes, up from the 47 million tonnes previously.
Argentina is the world’s top exporter of soybean oil and meal, the third largest exporter of corn, and a key global supplier of wheat. Source: Reuters (Reporting by Maximilian Heath; Editing by Brendan O’Boyle)