According to the weekly report released by the Buenos Aires Grains Exchange (BdeC), wheat planting for the current harvesting season in Argentina has seen a rapid advance over the past week due to recent rainfall in the country’s main farmland areas.
Argentina is a major international exporter of wheat, as well as processed soybeans and corn, with the proceeds from these sales providing the central bank its largest source of U.S. dollars needed to pay down debt and finance imports.
The BdeC noted that the 2024/25 wheat crop features sufficient soil moisture levels overall, with the total planted area seen at 6.3 million hectares. Wheat planting during the current campaign now covers 81% of the projected area for the crop, with progress over the past week estimated at 15.5 percentage points.
Furthermore, just under three-quarters of the planted area for wheat features moisture levels described by the exchange as “sufficient-optimal” given the low water demand the crop has in the initial stages of development.
In separate updates, the BdeC also reported that the 2023/24 soybean harvest is nearly finished at 99.7%, with the yield seen at 50.5 million metric tons. Meanwhile, the harvesting of Argentina’s 2023/24 corn crop is approximately 55% complete, with production seen at 46.5 million tons.
The timely rainfall and the advancing planting progress for wheat indicate favorable conditions for Argentina’s upcoming wheat harvest, which is a crucial component of the country’s agricultural exports and economic stability.