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Brazil: Wheat monthly conjunctural analysis as of March 2022

Wheat
Brazil
Published Apr 9, 2022

Tridge summary

wheat farming in brazil EMBRAPA.jpg The agents of the international wheat market were apprehensive in March, due to restrictions on cereal exports by Ukraine and Russia. In Ukrainian ports, activities have been paralyzed since the beginning of the conflict, and the planting of the next crop in the country could be hampered and/or impossible. As a result, wheat prices on US futures exchanges reached record levels in the last month.

Original content

wheat crop in brazil EMBRAPA.jpg The agents of the international wheat market were apprehensive in March, due to restrictions on cereal exports by Ukraine and Russia. In Ukrainian ports, activities have been paralyzed since the beginning of the conflict, and the planting of the next crop in the country could be hampered and/or impossible. As a result, wheat prices on US futures exchanges reached record levels in the last month. In Argentina, prices also had significant reactions. In the United States, considering the February and March averages, the first month of the Soft Red Winter on the Chicago Stock Exchange (CME Group) appreciated 39.6%, at US$ 11.2477/bushel (US$ 413, 28/t). On the Kansas Stock Exchange, the same-maturity contract for Hard Winter wheat advanced 31.8% to $10.9882/bushel ($403.75/t). In Brazil, negotiations took place only when agents had the greatest need to buy, in view of high domestic prices. State averages in March reached the nominal historical maximums ...
Source: Brasilagro
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