The Argentine Agriculture Secretariat reopened the export registries for wheat and corn on Tuesday. They had been closed since an early freeze while the government investigated the impact that would have on the crops.
No quota was set for corn, but a limit of 2 million metric tons was set for wheat exports. Analysts had predicted a lower limit on wheat exports, with most estimates around 1.5 million tons. The new wheat exports will be spread over the next five months with no more than 400,000 tons allowed to be exported per month.
Before the closure of the wheat registry in November, about 7 million metric tons of wheat had been declared for export.
Declarations of corn exports are being limited to 30 days in advance of shipping according to the Ag Secretariat with a 15-day grace period beyond those 30 days to actually ship the grain.
Argentina's 2007-08 crop production is estimated by USDA at 22.5 tons although Argentine expectations are lower due to dry weather conditions.