Just in:  

You are here: Home»World»Business & Economy»Dim harvest conditions: Argentina to slow wheat shipments

wheatBUENOS AIRES: Argentina will limit wheat shipments to two million tonnes in January and February as wet conditions dim harvest prospects in the leading global supplier, an export industry source said late on Monday.


The South American country, a key source of wheat for neighboring Brazil, controls exports of the grain through a quota system designed to guarantee affordable local food supplies and help tame high inflation.


This season, the government announced it would free up six million tonnes for shipment, but months of wet weather have flooded fields in key wheat-growing areas, and a fungus outbreak has worsened the production outlook.


Officials telephoned exporters last week to inform them of the decision to reduce this season's export quota to 4.5 million tonnes, an industry source told Reuters.


In a meeting late on Monday, government officials and wheat exporters agreed to limit shipments in January and February to a total of 2 million tonnes.


Findings from a new audit of stocks and production will determine whether more shipments will be allowed in March, the export industry source said, adding that previously granted export permits had not been officially withdrawn.


Daily newspaper La Nacion said some 5 million tonnes of export permits had already been approved, but only 4 million would now be allowed, meaning exporters would effectively have to reduce shipments by a further 20 percent.


So far, exporters have shipped about 500,000 tonnes of the 2012/13 wheat crop, which Buenos Aires Grains Exchange expects to come in at 9.8 million tonnes.



Copyright Reuters, 2012



Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln