The U.S. Department of Agriculture released the October Global Agricultural Production Report showing that Argentina's wheat production in 2022/23 is expected to be 17.5 million tons, an 8% downward revision from last month's forecast and 22% lower than the previous year's production.
Argentine wheat yields are expected to be 3.02 tons per hectare, a 3% downward revision from last month's forecast and 12% less than the previous year.
Harvested area is expected to be 5.8 million hectares, a 5% downward revision from last month and 12% less than last year.
The Argentine wheat sowing is completed in August 2022, and the Argentine Ministry of Agriculture expects wheat to be sown on 6.1 million hectares. The U.S. Department of Agriculture expects a 5% wheat abandonment rate.