Argentina's wheat harvest forecast continues to decline

The Rosario Grains Exchange estimates the 2020/21 wheat harvests in Argentina at 17 million tons. Initially, it was assumed that there were 21 million tons. Due to drought and frost, the previous forecast from September has now been reduced by one million tons.
Parts of the pampas have been exceptionally dry for the past eight months. The wheat harvest in Argentina takes place in December and January. There is an urgent need for heavy rain to prevent yields from falling further, the experts at the grain exchange report. 608,000 hectares suffer from drought and night frosts. Harvesting there may no longer be worthwhile. In Argentina, wheat was grown on 6.5 million hectares this year. Rain is now forecast for the coming week.
The grain exchange estimates that the maize harvest this season will reach 48 million tons. Unchanged from the previous estimate. And the soybean harvest of the South American country is 50 million tons. However, the just sown seed also needs more soil moisture in order to develop quickly.
Farmers fear that the drought will worsen if the La Nina weather phenomenon takes a mild course until the end of the year.If so, an even smaller harvest in Argentina would have another bullish effect on the world's agricultural commodity prices.

Hansa Terminhandel GmbH
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