Wheat faces pressure from high global inventories

The international wheat market continues pressured by high global stocks, which has limited the appreciation of the grain. According to Itaú BBA, the USDA revised upwards the final stocks for 2025/26, mainly in the US and Russia, which contributes to the decline in international prices. In Brazil, the scenario is also challenging. The harvest of the national crop is practically finished, with quality below expectations in several regions. The entry of the product into the market, combined with imports, has expanded supply and intensified pressure on domestic prices. With the dollar appreciating, the import parity remains an important reference in the formation of prices in the domestic market. Itaú BBA warns that negotiations should remain slow, with buyers being more selective. Brazil still depends on imports to meet ...