BUENOS AIRES, ARGENTINA — Argentina’s wheat production is expected to rebound in 2023-24 following drought and a late frost that badly affected the previous harvest, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

Production is estimated at 19.5 million tonnes, but the FAS said more rains are needed to recharge soil moisture profiles before the June planting window. Production for 2022-23 is estimated at 12.5 million tonnes.

Argentine wheat exports in 2023-24 are projected to rebound at 13.7 million tonnes, more than double the exports expected in 2022-23, and the third highest on record.

“This would be the result of recovered production, practically flat domestic consumption and most likely lower ending stocks,” the FAS said.

Exports for 2022-23 are estimated at 5.8 million tonnes, the lowest in the past eight years.

Wheat domestic consumption for 2023-24 is projected at 6.5 million tonnes, practically unchanged from the previous year, the FAS said. According to official data, in 2022, wheat accounted for 36% of all grain milling in the country.

Corn production in 2023-24 is expected to reach a record 54 million tonnes, as farmers look to recover economically on attractive returns. Production in 2022-23 is estimated at 36 million tonnes, but estimates are difficult this year due to drought, high temperatures for long periods of time and unusually early frosts, the FAS said.

“Moreover, the scarce rains were very spotty, with significant differences within small areas,” the FAS said.

Corn exports in 2023-24 are forecast at 38 million tonnes, one of the highest volumes on record.

This would be a result of a large corn production and relatively flat domestic consumption, the FAS said. Based on a new and lower production estimate, exports for 2022-23 are estimated at 23 million tonnes.