Argentine Farmers May Find Alternatives To Wheat

As sowing for the upcoming wheat growing season looms in Argentina, it seems that the caveats responsible for reduced output in 2009 are likely to carry over into the following year, thus leading BMI to carefully monitor the situation with a view to potentially revising down Argentina's 2010 wheat outlook from our current forecast of 12.57mn tonnes. With BMI predicting a contraction of the global wheat surplus by 51% year-on-year (y-o-y) in 2010, the consequent strengthening of prices will be further fuelled by a more bearish outlook from one of the world's top wheat

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