Argentine wheat sales continue to gather momentum

Argentine farmer sales of the 2022-23 wheat crop more than doubled in the week ending on October 19, while 2021-22 soybean sales continued to advance at an impressive clip, data from the country’s Agriculture Secretariat showed Wednesday.

Wheat

Farmer sales of the 2022-23 wheat crop surged by 135% on the week to 73,200 tonnes, while sales of the 2021-22 crop rose by 42% on the week to land at 93,400 tonnes.

Cumulative sales for the 2022-23 crop total 5.44 million tonnes, down 38% from last year, while sales of the 2021-22 crop reached 22.44 million tonnes, a 33% yearly increase.

Argentine exporters applied for export licenses of only marginal volumes of wheat over the week, with an aggregated 6,000 tonnes of fresh license applications considering both crops.

Export license applications for the 2022-23 crop amounted to 8.85 million tonnes, compared with 9.07 million at the same time last year.

Export applications for the 2021-22 crop reached 14.55 million tonnes, up 39% from the same point last year.

Soybeans

Soybean farmer sales for the 2021-22 crop jumped 200% from the prior week to 164,900 tonnes in the week covered by the report, bringing cumulative sales for the crop to 30.96 million tonnes, up 0.6% from a year earlier.

Sales of the 2022-23 crop advanced 235% on the week to 52,200 tonnes, bringing cumulative sales to 1.63 million tonnes, leaving the total 33% lower year-on-year.

There were no fresh export license applications, with the accumulated volume of licenses for the 2022-23 crop remaining at 251,000, while there were none a year earlier.

Export licenses for the 2021-22 crop reached 5.61 tonnes, exceeding the 5.19 million applied for a year ago.

Corn

Farmer sales of the recently harvested 2021-22 corn landed 10% higher on the week and 3% higher on the year at 926,300 tonnes.

However, cumulative old crop sales continue to lag year-on-year at 40.9 million tonnes.

Meanwhile, new crop sales were reported at 142,100 tonnes, down from 235,000 in the previous week and 346,800 year ago.

There were no new corn export license applications, with old and new crop total licenses unchanged at 32.8 million and 8.9 million tonnes, respectively.

Keep up to date with daily trends in all commodity prices by visiting Fastmarkets Agriculture Prices.