The Argentine wheat harvest of the 2020/21 cycle would reach a record production of 21 million tons, above the 18.8 million collected in the previous cycle, announced the Buenos Aires Cereal Exchange (BCBA) in what is its first production estimate for cereal.
Argentina is one of the main world exporters of wheat and planting of the cereal for the new season will begin in the coming weeks.
In an online presentation, the head of Agricultural Estimates of the BCBA, Esteban Copati, said that the entity raised its forecast of the area sown with 2020/21 wheat to 6.8 million hectares -from the previous 6.7 million hectares- and that the grain yield would be 3.14 tons per hectare.
If the projection is fulfilled, the harvest of the current wheat campaign would exceed the record of the 2018/19 cycle, when 19 million tons were produced, with an area of 6.2 million hectares and an average yield of 3.12 tons per hectare.
At the end of April, the Stock Exchange indicated that the main driver of the 2020/21 wheat campaign was favorable weather conditions for the start of planting and favorable economic prospects for the crop.
In addition, according to the entity in value, wheat and barley exports would exceed u$s3,600 million (90% corresponds to wheat) while the contribution in terms of tax collection would reach u$s 1,200 million.