The harvest for the 24/25 campaign is expected to be around 20.5 million tons, a 2.4% drop since the entity’s last estimate.
The production of wheat would be 20.5 million tons in the 2024/25 season, below the 21 million previously forecast, due to the lack of rain, reported the Rosario Stock Exchange.
The lack of rainfall is once again affecting production and therefore exports of the grain, following last year’s severe drought, and has led to a reduction of 200,000 hectares in the area under wheat, to 6.72 million hectares.
“The significant wet pulse that resulted from the end of the El Niño weather phenomenon, with significant rains in March and April, was key to planting wheat”whose planting has already reached 90% of the estimated surface, the entity highlighted in a report.
“After a June that passed almost without significant rainfall, except for Buenos Aires at the end of the month, July follows the same trend,” he added.
Wheat, corn and soybean futures on the Chicago Board of Trade regained ground after sharp losses on Wednesday, as investors covered short positions ahead of a much-anticipated supply and demand report from the U.S. Department of Agriculture.
Non-threatening weather in the US Midwest and pressure from a sunny global crop outlook sent many Chicago Board of Trade corn and soybean contracts to record lows.
The most-active wheat contract rose 15.75 cents to $5.7750 a bushel.
Source: Ambito
