Argentina raises 2022-2023 wheat export quota to 10 million tons
BUENOS AIRES, March 19 (Reuters) - Argentina said on Saturday that it was increasing its annual wheat export quota for the 2022-2023 season by 8 million tons to a total of 10 million tons to take advantage of high international prices.
Argentina, a key producer of grains, limits exports of wheat in a bid to ensure domestic supply and to avoid local price hikes.
But Russia's invasion of Ukraine has led to a surge in wheat prices, as both countries combined normally provided 30% of global supply of the grain.
"We have decided, with the purpose to tap (historic) international prices ... to increase the export quota of the 2022-2023 harvest by 8 million tonnes of wheat, which add to the 2 million tonnes already authorized," said Agriculture Minister Julian Dominguez in a press conference.
The new increased export quota remains lower than in the previous 2021-2022 cycle, in which Argentina allowed exports of 14.5 million tonnes of wheat.
Argentina's next wheat season will only begin when planting starts in May but sales are often decided months in advance, especially in times of high prices. (Reporting by Lucia Sigal Editing by Marguerita Choy)
© Copyright Thomson Reuters 2022. Click For Restrictions.