Wheat continues to show slow progress

The wheat market in Brazil continues to show sluggishness in negotiations, even amid the progress of the harvest in the southern states. According to information from TF Agroeconômica, prices maintain relative stability, but below the expectations of sellers, which has limited exports and stalled new business. In Rio Grande do Sul, prices fell slightly, with a 0.15% drop on the day and a 4.40% drop for the month, according to Cepea. Despite the large supply of new crop lots at R$ 1,100.00 per ton, demand remains contracted, as mills are stocked and awaiting larger movements in the market. Exports are also disappointing: in September, only 74 thousand tons were shipped, well below the historical average of over 700 thousand tons. In the international market, competition from Argentine wheat keeps prices pressured, with deals at the port of Rio Grande around US$ 261 to US$ 269 per ton. In Santa Catarina, the harvest has not yet started significantly and the market remains virtually ...