Agriculture – Argentina peso devaluation weighs on grains
- Wheat, soybean and corn traded soft yesterday after Argentina devalued its currency against USD by more than 50%. A lower exchange rate could bring more of Argentina’s supplies (especially inventory) into the market as prices in local currency increase. Meanwhile, the Rosario Board of Trade increased wheat production estimates in the country by around 1mt to 14.5mt for the 2023/24 season on account of favourable weather (rains and cooler temperatures). The Board kept soybean and corn production estimates unchanged for now at 50mt and 56mt respectively.
- The latest data from Ukraine’s Agriculture Ministry shows that grain exports so far in the 2023/24 season stood at 14.7mt as of 13 December, a decline of 27% year-on-year. Total corn shipments stood at 7.3mt, down 32.7% YoY, while wheat exports fell 15% YoY to 6.3mt. Recent developments in Russia were reported to have damaged grain storage facilities and warehouses at the Odesa ports, which continue to impact the shipments through the Black Sea Port route.
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