Argentina will likely harvest a record-large 18.3 million tonnes of wheat from the 2016/17 crop, 11 to 11.5 million tonnes of which could be exported, Agriculture Minister Ricardo Buryaile said on Thursday. Buryaile said earlier this month the crop would be more than 17 million tonnes, far above the 11.3 million tonnes harvested before President Mauricio Macri took office in December 2015 and cut taxes on corn and wheat exports.
"This is the biggest harvest in Argentina's history," Buryaile told journalists. He said the 2016/17 corn harvest would be around 40 million tonnes, similar to the 39.8 million tonnes harvested last year. Internal corn consumption would be around 16 million tonnes and the rest of the crop would be exportable, Buryaile said. The increase in wheat output had enabled Argentina to seek new markets, Buryaile said. Previously 80 percent of Argentina's wheat exports went to neighbouring Brazil. Now Brazil accounts for around 40 percent of wheat exports and Egypt, Vietnam, Thailand and others are buyers, he said.
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