The region is Argentina's most important agricultural center, accounting for more than 80% of the country's agricultural and agro-industrial exports. Construction of the new port began in March. The port will be located in Timbuesa on the Parana River.

According to the UN Food and Agriculture Organization (FAO), global wheat production in 2024 will increase by 1% compared to the previous year, but will not reach the record level of 2022.

Due to unprecedentedly low water levels on Lake Gatun, the Panama Canal Authority is limiting the number of daily vessel trips to a minimum of 18 vessels per day by February 2024.

Water levels in Lake Gatun, which is the canal's source of water, are currently 7% below the October average of the previous five years.

The European Union is planning a €100 million farm assistance package as countries bordering Ukraine have begun restricting imports of Ukrainian grains, which they say have pushed down domestic prices, Reuters reported, citing a European Commission spokesman.

Australia was the largest wheat source to China, with over 52 pc of the nation's imports in the past two months shipping from that origin. China received 771,320 t of French wheat in January-February, accounting for 26 pc of the total. Canada delivered some 518,700 t of products in the same period, becoming the third-largest exporter to China.