BUENOS AIRES, ARGENTINA — Argentina’s wheat production is expected to reach record levels in 2021-22 along with wheat exports, according to a report from the US Department of Agriculture’s Foreign Agricultural Service (FAS).

Wheat production is estimated at 20.8 million tonnes with exports at 14 million tonnes (including wheat flour).

“Despite increases in agricultural input prices, farmers are continuing to make investments in improved seed varieties and agrichemicals to improve quality and yields, as they anticipate positive financial returns at current prices,” FAS said.

Exports in the first four to months of the new marketing year will most likely go to Southeast Asia and African countries. Exports to Brazil are stable throughout the year, with a projected total volume of 5.8 to 6.0 million tonnes, FAS said.

Corn production in 2021-22 is also forecast at a record of 51.5 million tonnes, in line with the past three crop seasons.

Exports are forecast at 37.4 million tonnes, 1.4 million tonnes higher than the USDA on higher production and beginning stocks.