Argentina raises 2013/14 wheat cop forecast to 9.2 million tonnes

BUENOS AIRES, Jan 13 (Reuters) – Argentina’s 2013/14 wheat crop should come in at 9.2 million tonnes, up from a previous forecast of 9.0 million tonnes, the Agriculture Ministry said on Monday.

The improved outlook comes as Argentine exporters are awaiting the government’s green light to ship 1.6 million tonnes of 2013/2014 wheat that has already been sold.

The ministry attributed the increased forecast to higher-than-expected wheat yields and a good level of soil water reserves.

International markets are waiting for word of when grain powerhouse Argentina will start exporting wheat. The nation’s international sales are regulated to ensure domestic food supply.

Later on Monday, a government source told Reuters that Argentina is poised to free up between 2 million and 2.5 million tonnes of 2013/14 wheat for export.

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