Argentine plays a significant role in global wheat production and export. Projections for the 2023/24 marketing year indicate a noteworthy 23% surge in Argentine wheat production compared to the previous year, reaching an approximate output of nearly 15 million tons. However, this output is expected to be the fourth lowest in the past decade, primarily due to severe water scarcity and drought conditions afflicting the nation.

Presently, Argentine's wheat crop is facing challenging conditions, with 42% categorized as very poor to poor, 44% as fair, and a mere 13% as good to excellent. The planting of wheat for the 2023/24 marketing year in Argentine has already concluded, covering 5.9 million hectares, slightly less than the 6 million hectares cultivated in the preceding marketing year.