Argentina May Harvest Bumper Wheat & Corn Crop In 2016

 Argentina has revised its grain export policies and it would encourage farmers to grow more wheat and corn now.Export permit policy has been cancelled.Export tax  too has been removed on corn and wheat.Local farmers had reduced their wheat and corn area under export permit system and lower price.Now they will double their area under wheat and corn.

 

Argentina’s Agriculture Ministry is forecasting the current wheat crop to be 10.9 million metric tons. That’s below the 2007-08 record crop of 16.4 million, before the export permit policy was initiated.The export of grains has become more profitable for farmers after Argentina’s government lifted four years of currency controls, leading to the the biggest one-day peso devaluation in the last 14 years on Dec. 17.