Photo by Darío Bonzi on Unsplash

Argentina’s 2023/24 wheat harvest is likely to get a boost after a strong showing in the southern agricultural region, the Buenos Aires grains exchange said on Thursday, whose estimate for the grain stands at 14.7 million tons.

Argentina is a leading exporter of wheat, and recent rains in key agricultural areas have improved the condition of crops, which had been hit by drought and frost earlier in the season.

“In the southeast of Buenos Aires (province), recent evaluations are exceeding the current yield projection,” the exchange said on Thursday in its weekly crop report.

On Wednesday, the Rosario grains exchange raised its wheat production estimate by 7.4% to 14.5 million tons, due to better-than-expected productivity.

Argentine farmers had harvested 55.2% of the wheat planting area through this week, the exchange said.

For soybeans, the grain exchange indicated that with 59.5% of the planned 17.3 million hectares planted, more than 90% of the area was in “normal to good” condition.

For corn, the exchange said that producers have planted 49.3% of the 7.1 million hectares it estimates for cultivation.

Argentina is one of the world’s top two exporters of soybean oil and meal, and the third-largest exporter of corn.

Reporting by Maximilian Heath; Editing by Walter Bianchi and Sharon Singleton