Argentinian wheat exports in Dec 01 2106- April 25, 2017 were 33% higher on year. This rise driven by the cancelation of the export duty in mid December 2015 as its full effects were only started to be felt in the second term of 2016.
The most important implication is the drastic drop in export surplus as of April 25, 2017, which could prove supportive to international prices over the coming months.
Argentinian Wheat Export Surplus as of April 25 (MY 2016-17 Vs MY 2015-16)
Source: AgFlow, Own Estimates (Dec-Nov MY)
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Argentinian Wheat S&D Table
Source: USDA, IGC, BCBA, Own Estimates
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New destinations for Argentinian wheat exports in the 2016 Calendar Year (to December 2016) included Indonesia, Thailand, South Korea, Vietnam and Egypt. Over Jan-March 2017, Argentina exported 735k mt and 313k mt of wheat to Algeria and Kenya, respectively.
Top Argentinian Wheat Destinations. 2014-17
Source: AgFlow, SENASA
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