Por Hugh Bronstein
BUENOS AIRES, Jan 18 (Reuters) – Argentina’s 2021/22 wheat campaign closed with a record final output of 21.8 million tonnes, up from the previous all-time mark of 19 million tonnes recorded in 2018/19, the Buenos Aires Cereal Exchange (BdeC) said on Tuesday.
The harvest, whose work ended last week, exceeded the initial estimate for the crop by 2.8 million tons due to “rainfall records that, although scarce, were timely distributed in time and space around the critical moments,” he said. the entity.
According to the closing report of the Stock Exchange, the final average yield of the cereal was 3.44 tons per hectare, 21.9% above the previous cycle and 11.5% better than the average of the last five bells.
The harvest would generate a record $4.5 billion in exports and $1.45 billion in tax revenue. The foreign currency produced by agricultural shipments from Argentina is a key gear in the country’s economy.
“The wheat chain would continue on the path of growth, being one of the chains that has shown the best performance since the 2015/16 campaign,” said the BdeC.
Argentina is a key world exporter of wheat, although most of its shipments go to neighboring Brazil. In turn, it is the world’s leading exporter of soybean oil and meal, and the second largest exporter of corn.
The oilseed and cereal campaign has been hit by a drought accompanied by two heat waves that caused the Rosario Stock Exchange to sharply reduce its harvest forecasts for both crops to 40 million and 46 million tons, respectively.
However, ample rains that fell during the weekend in the main agricultural regions of Argentina brought the relief that producers had hoped for.
The BdeC has estimated the 2021/22 soybean and corn harvests, currently in final planting tasks, at 44 million and 57 million tons, although it warned that it would readjust its forecasts in the coming weeks due to the impact of the drought.
(Reporting by Hugh Bronstein; Editing in Spanish by Maximilian Heath and Lucila Sigal)