Posted on November, 1, 2021 at 08:27 am
Although without rain, this week there was very good news for him wheat. Despite the water deficit in some areas of the country, the Buenos Aires Cereal Exchange (BCBA) increased the projection of the national harvest to 19.8 million tons, 600 thousand tons above the previous number.
In addition, the news for the winter crop came not only in terms of production, but also price: this week wheat closed at US$283,85 per ton in the Chicago Market, the highest value since February 2013.
According to the specialists of the Buenos Aires stock exchange, in our country the harvesting of the cereal already covers the 6.7% of the suitable area, with a national average yield of 10.3 quintals per hectare. Those low numbers are from the north of the country, but in the agricultural core area of Argentina, expectations are better.
“Although the crop cycle was again marked by restrictive humidity conditions, rains were recorded at key moments for the cereal to maintain an adequate condition,” the report indicates.
Although it is clarified that future adjustments are not ruled out depending on the evolution of the climate during the remainder of the cycle. “Short-term forecasts warn of a new heat wave, that would affect the center and north of the national agricultural area, and low temperatures in the south, although accompanied by rains in most of the regions under study ”, they detailed from the entity.
And they concluded: “While this could lead to new outbreaks of disease, the water supply would mitigate the effect of temperature and would accompany the filling of grain in key regions that currently have very good condition and, if maintained, they would end the cycle with yields higher than those currently estimated ”.
Meanwhile, during the day this Thursday and as detailed by the Rosario Stock Exchange (BCR), while soybeans ended in decline in the Chicago Market, Due to the fall registered in the oil market, the rise of 4.68 dollars per ton registered by the cereal stood out, which with 283.85 dollars per ton reached its highest value since February 2013.
The grain improved 1.67% underpinned by a solid demand for export in a context of a tight balance sheet at the global level, explained the technicians of the Rosario entity.
In addition, the rainy weather in the North American Midwest would have limited the advance of plantings and prevented the producers from completing the entire intended area, given that the implantation window in the United States is already close to the end of the year, ”the BCR stated.
Source: Market Research Telecast