Argentina wheat update
In our weekly reports and discussions with ag traders and producers, we have been noting the dryness in Argentina’s wheat regions, and the potentially significant impact on production and yield for the 08/09 crop. September’s NDVI (above, from USDA) highlights the stress. Today, Argentina’s agricultural secretariat revised their wheat crop estimate down to a range of 9.5 to 11 mmt for 2008/09, which is down sharply from the 16.3 mmt crop from last year.
