Argentine feed wheat draws Vietnamese buyers amid expectations of record harvest

Vietnamese feed mills have been showing renewed interest in Argentine feed wheat over the week of Dec. 4 as the South American country heads for a record harvest, several trade sources told Platts, part of S&P Global Energy.

Two Singapore-based traders said they observed increased buying interest for Argentine feed wheat into Southeast Asian destination markets. "Some Argentine feed wheat cargoes were purchased recently for Q1, mainly for February [2026] shipments into Vietnam," one of the traders told Platts Dec. 3.

The latest trade for bulk shipments of Argentine feed wheat with 10.5% protein was heard Dec. 4 at $252/mt CFR Vietnam, for January shipments, trade sources said.

The Rosario Grain Exchange projected Argentina's 2025/2026 wheat harvest to reach a record 24.5 million mt, up from earlier estimates of 23 million mt, according to a Nov. 13 report.

If realized, the crop would surpass the 22.4 million mt harvested in 2021/2022, USDA Foreign Agricultural Service data shows.

"Argentina is producing an unusually large wheat crop this year, and feed wheat from the harvest isn't usually this plentiful," a Singapore-based wheat trader said.

Another Singapore-based wheat trader said a more dominant low-protein profile from this year's harvest is starting to weigh on the higher-protein supply.

"Those who sold 12.5% protein forward are starting to ask their buyers to take 11.5% protein instead, at a discount," the trader added.

According to USDA FAS in a Nov. 21 report, Argentina's MY 2025/2026 wheat crop is in excellent condition, though high yields and excess moisture may weigh on protein levels.

Corn remains primary energy source for feed

Despite this rising interest, market participants said that feed wheat will not displace corn in feed formulations.

"Corn will still be the main energy source, and wheat inclusion is limited to a few percentage points," a trader focused on the Vietnamese market said.

"When feed wheat becomes more competitive, mills may reallocate existing stocks and purchases to include more wheat," a Singapore-based grains trader said. "The higher protein content allows millers to reduce soybean meal, so wheat can trade at parity or even at a slight premium to corn."

Thelatest offer for bulk shipments of Argentine feed wheat with 9.5% protein was heard Nov. 28 at $254/mt CFR Vietnam, for December to January shipments.

The latest offer for South American-origin corn was heard Dec. 4 at $259.50/mt CFR Vietnam, for February shipments of part cargoes.

Export logistics

Trade sources also said that Argentina's logistics could come under pressure if exports of the large wheat crop are delayed or overlap with early corn harvest shipments in March.

"Terminals in Argentina are full of low-protein feed wheat, and the current priority for exporters is to move shipments as quickly as possible, ideally before the new corn crop harvest in March," the Singapore-based grains trader said.

The Argentine wheat harvest typically runs from November to January, while the country's corn harvest stretches from March through June.

Australia retains quality edge

While Argentine feed wheat has been gaining traction, some Southeast Asian buyers continue to prefer Australian wheat.

Exporters and trade sources said the quality edge of Australian cargoes remains a draw, with ASW1 heard offered Dec. 2 around$240/mt FOB and roughly $252/mt CFR Southeast Asia.

"There are some quality requirements that Australian wheat can meet, but Argentine can't on a pure feed basis," an Australia-based trader said.

Australia's Grain Trade Australia (GTA) system defines multiple wheat classes based on parameters including protein, test weight, and different types of contaminants, whereas Argentina generally classifies wheat by protein content and test weight with fewer export grades.