The BAGE weekly report said that as of January 4, Argentina's 2022/23 wheat harvest area reached 99.5% of the planned area, compared with 91.4% a week ago. So far 12.3 million tons of wheat have been harvested, with an average yield of 2.28 tons per hectare.

The exchange estimates Argentina's wheat area at 6.1 million hectares, down 9.0 percent from the previous year's 6.7 million hectares.

BAGE maintained its 2022/23 wheat production forecast for Argentina unchanged at 12.4 million tons, 39.5 percent lower than the original estimate of 20.5 million tons and 44.6 percent lower than the 2021/22 record of 22.4 million tons.

But if wheat yields in key southern regions continue to disappoint, the exchange could cut production estimates again.

In its December report, the U.S. Department of Agriculture predicted that Argentina’s wheat production in 2022/23 would be 12.5 million tons, lower than the 15.5 million tons forecast in November, and 43.6% less than the record high of 22.15 million tons in the previous year; wheat exports are expected to drop. To 7.5 million tons, lower than last month's forecast of 10 million tons, 53.8% lower than last year's record high of 16.25 million tons.

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