Tax relief for Argentine wheat may be too late

Consumption of non-perishables (specially pasta) have increased in Brazil due to the coronavirus pandemic, causing wheat demand to push for more imports, specially from Argentina.
As the 750 thousand MT quota with duty exemption is about to be lifted next month, more demand pressure for the grain is expected, while Argentina is now operating with limited stocks.
Sourcing from Paraguay and US at this point might be necessary considering over 3.5M tons need to be purchased from May to November. Prices already reached record highs in the wheat mills located in the south region, 1,450 BRL off taxes.