Wheat Wheat markets in Argentina have started to react to the ongoing drought and its impact on the wheat planting effort. This has resulted in higher prices and bids, primarily in the local market. In the FOB market, the country is already too expensive to compete with other major exporters to any destination, so the increases will be more limited, if any. Argentina’s April wheat exports totaled just 0.19 MMT, down from 1.9 MMT the prior year and put YTD 2022/23 shipments at 2.16 MMT. By the end of April in MY 2021/22, Argentina has shipped 11.8 MMT of wheat, meaning 2022/23 YTD shipments are down 82 percent. 

Last week was different from the previous several as the market started to see more nervousness about supply prospec...