BUENOS AIRES, ARGENTINA — Argentina’s 2022-23 wheat production forecast was cut yet again by the Rosario Grains Exchange on Dec. 15. With drought and late-season frosts plaguing this year’s crop, the Exchange projects output at 11.5 million tonnes, down from its previous estimate of 11.8 million tonnes.

If realized, this year’s crop would come in at about half the total of last year’s record crop of 23 million tonnes. It also would be the smallest crop and lowest export total since 2014-15. The Foreign Agricultural Service of the US Department of Agriculture (USDA) projects Argentine wheat exports at 7.5 million tonnes.

Argentina was the world’s sixth biggest wheat exporter in 2021-22 but is expected to fall to No. 7 in 2022-23, according to the USDA.