2 weeks Ago
Despite the drop in international prices for wheat, Argentina ended the sale of the 2023/24 season with some 7,65 million tons exported, as reported by the Rosario Board of Trade (BCR). In November alone, 540,000 tons were shipped overseas, nearly quadrupling the volume recorded during the same month a year prior. Meanwhile prospects for a change in market tendency are not to be seen even at the Chicago Board of Trade and a report elaborated by Blas Rozadilla, Emilce Terre, and Julio Calzada, based on data from the National Institute of Statistics and Censuses (Indec) and Nabsa Maritime Agency.
Nevertheless, the monthly shipment volume reflects a 108.2% increase month-on-month and a 286% jump year-over-year. Overall, the 2023-2024 cycle with 7.
65 million tons of wheat sent abroad, worked out in line with earlier projections, and marks a 146% rise from the drought-impacted 2022-2023 season. However despite this progress, performance in the final stretch was constrained by low water levels along the Paraná River, which prevented vessels from being fully loaded. For instance, Handymax ships, typically capable of carrying up to 33,000 tons, carried an average of 28,500 tons in their most recent shipments, reports Nabsa.
Looking ahead to the next season, the Strategic Guide for Agriculture (GEA)-BCR adjusted its production forecast in November to some 18.8 million tons—700,000 tons less than the October projection. Finally, projected exports for the upcoming cycle are expected to reach 12.
5 million tons, which, if crystalized, would be the second-highest volume in history..
