Wheat retreats in Southern ports and mills await definition

The wheat market showed a decline this Wednesday, with a drop of R$ 5.00 per ton at the ports in Rio Grande do Sul and a slow pace of business in the South of the country. According to information from TF Agroeconômica, the price at the port of Rio Grande for milling wheat fell to R$ 1,160.00 per ton, while the mills maintain a cautious stance, awaiting a clearer definition about the quality and volume of the new crop. In Rio Grande do Sul, the large supply of grains and the proximity of the harvest reduced the buying momentum. Exporters operate with three price ranges: R$ 1,160.00 for milling wheat (up to 2000 PPM of DON), R$ 1,110.00 for feed wheat up to 2000 PPM, and R$ 1,090.00 for feed up to 4000 PPM, all with payment scheduled for December 15. In the external market, Brazilian wheat is more expensive than Argentine wheat — US$ 225/t FOB Rio Grande against US$ 216/t FOB Up River. An estimated volume of 570 thousand tons has already been negotiated between mills and exporters. ...