Argentine corn exports would rise 53% year-on-year in the 2023/24 cycle, to 39 million tons, thanks to favorable weather conditions.
He corn plays a leading role in production and Argentine exports, being the second most important agricultural export complex and the fourth in the country. In 2023 it contributed US$6,409 million in exports, 33% less than the previous year.
The Argentine corn exports would rise 53% year-on-year in the 2023/24 cycle, to 39 million tons, thanks to favorable weather conditions, although a fall in grain prices would limit the income of foreign currency product of its trade, said the Rosario Stock Exchange (BCR).
Argentina is the third largest supplier of corn in the world and the main export destinations for its cereal are Vietnam, Peru, South Korea and Algeria.
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“The new 2023/24 corn (harvest) campaign that will begin in March is expected to bring with it a highly desired production recovery, which is estimated to amount to 57 million tons throughout the country”, a record volume, said the BCR in a report on the crop.
The potential production figure is a great incentive after the scarce 36 million tons collected in the previous campaign, due to a historic drought. Thanks to the El Niño climate phenomenon, ample rain accompanied corn during most of its 2023/24 campaign.
Corn exports: concern about prices
However, the BCR indicated that although the recovery of Argentina’s cereal exports will be strongoccurs in a context of declining global grain prices.
“The estimated growth of external sales in value could reach 20% year-on-year, being considerably less than the increase in volume. All this if prices are maintained”, said the Stock Exchange, which calculated the value of 2023/24 shipments of Argentine cereal at $7,657 million.
Source: Ambito
