In 2018/19 cycle, the number of wheat vessels going to Indonesia increased remarkably. Wheat exports to this destination went from 620,000 tons last year to 1.6 million this year, almost equaling Brazil that is the major destination of Argentine wheat. The share of shipments to Indonesia went from 10% last cycle to 25.6% in the current cycle. Nevertheless, total wheat exports have not changed significantly, increasing by 200,000 tons only. The small year-on-year variation is due to the reduction of shipments to Algeria and Thailand. Argentine wheat main customer, Brazil, remains as the first destination purchasing almost 1.7 Mt, 177 thousand tons more than in the previous cycle.
The most outstanding aspect of current wheat marketing year is the fast trading pace. To date, purchases reach 12 Mt of the estimated total national supply of 19.6 Mt. This volume is equivalent to more than 60% of total available wheat in Argentina. The purchases of the export sector lead wheat acquisitions in the local market. Currently, export companies purchased 10.2 Mt, while mills' purchases account for 1.8 Mt.
Furthermore, there is record of new crop negotiations in February for the first time since – at least – 1999. New crop purchases this year are five months ahead of the last five-season average. During the first two weeks of February 2019, purchases account for more than 1.1 Mt.