The truth is that the wheat campaign still has a long way to go, which is why it is anticipated to mention some type of cut in the harvest estimates that are still around 19 million tons. With regard to foreign exchange earnings, winter cereals -wheat and barley- would contribute this year to the economy around US$6.5 billion in exports, which will be key because they will arrive just at the end of the year and would serve as a bridge to in 2023. That is why the economy is not only looking at soybeans, but also at wheat, which last year alone contributed around US$4.5 billion.
For the development of the sowing of wheat it is essential that it rains in the coming weeks, if it does not happen, the sowing intention of the producers could be reduced even more, or the productive plantings could be delayed. For now, there are no very encouraging forecasts on the horizon for the cereal that needs more moisture to be implanted and then escape from possible frosts that harm its development. In short, the field is an open-air factory and that is why the weather is decisive in establishing harvest projections.
Meanwhile, the harvest of lots of corn destined for commercial grain has failed to gain momentum in the center and south of the national agricultural area. Harvesting is concentrated on batches with adequate moisture levels in the grains. After revealing a week-on-week progress in the work of only 1.9 percentage points, 32% of the suitable area has been harvested throughout the country, the harvest projection of the Buenos Aires Cereal Exchange remains at 49 million tons .
Finally, with regard to international prices, soybeans resumed their upward path on Thursday after gaining more than US$15 at the wheel to close at US$653.39. In this way, the oilseed remains at historically high values and ensures foreign exchange income, only from its export complex of more than US$20,000 million.
Regarding wheat, after two negative rounds, the cereal also resumed the upward path after gaining US$6.25 for the July contract that ended at US$388.84.
Finally, corn finished the wheel with a disparate balance at US$287.49. With these prices, the main agro-export complexes in Argentina would contribute a total of more than US$41,000 million in this 20212, only until May the field liquidated in the local exchange market the record of more than US$15,000 million.
Source: Ambito
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