Wheat in Brazil: delay in harvest and imports pressure prices down

Despite the slight recovery in international prices, the Brazilian wheat market continues to be pressured by internal factors. According to the International Center for Economic Analysis and Agricultural Market Studies (CEEMA), prices have stabilized, but with a downward bias in the main markets. In Rio Grande do Sul, prices stood at R$ 60.00/sack, while in Paraná they ranged between R$ 64.00 and R$ 66.00 for higher quality wheat. The harvest is progressing slowly, impacted by frequent rains, especially in Paraná, where 83% of the area had been harvested by the beginning of the week. In Rio Grande do Sul, only 27% of the area had been harvested by October 30. This slowness in the harvest combined with the exchange rate at R$ 5.35/dollar favors the competitiveness of imported wheat, which enters the national market with more attractive prices. As a result, mills prioritize imports, maintaining pressure on domestic prices. According to CEEMA, high transit stocks and robust national ...