Argentina: Grain and Feed Update

Argentina's wheat and corn production forecasts for MY 2026/27 are revised upward to 23 million metric tons (MMT) and 62 MMT, respectively, supported by favorable moisture conditions and improved yields. Strong international demand is expected to push wheat exports to 17 MMT and corn exports to 43 MMT, potentially the second-highest volumes on record for both commodities. Wheat exports in MY 2025/26 are also forecast to reach a record 19.3 MMT, while corn exports could set a new record at 44 MMT. In contrast, barley production and exports are revised downward due to reduced planted area, while sorghum production is also lowered. Rice production and exports are forecast higher following improved prices and favorable early planting conditions. However, forecasts of an unusually strong El Niño event and excessive rainfall during November and December pose significant risks to crop quality, harvest progress, and final production.