Argentina: Wheat is expected to inject US $ 1 billion into the economy in 2017

Source: LinkedIn
By: Aldo Leporati
2/08/2017

According to the Ministry of Agroindustry of the Province of Buenos Aires, that amount would enter the provincial productive circuit. He also estimated that the wheat crop of the 2016/17 agricultural season will bring in the economy, $ 1 billion more than those generated in the 2015/16 campaign. So far 2.6 million tons of cereal were sold, which allowed an income of US $ 400 million.

 Retentions to wheat were brought to zero in December 2015 by the national government which also decided to eliminate the quota system for export. Export duties are no longer paid or there are obstacles to export, and producers can with that money recompose their working capital.

According to the Buenos Aires Cereal Exchange, this year's wheat crop increased approximately 40% from the 2015/16 cycle and reached more than 15 million tons. Another factor that helped the good numbers of the wheat crop was the increase in fertilizer use, estimated at 45% over last season. And another important data for a regional economy like Cordoba, this province had a harvest of 4 million tons, the highest of the last 50 years.

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