Wheat prices in Brazil are the highest since July 2023

Published May 22, 2024

Tridge summary

The Brazilian wheat market is seeing firm prices and selective business activities, with significant price hikes in Paraná and Rio Grande do Sul due to rising import costs and limited high-quality wheat availability. The Chicago Board of Trade (CBOT) for wheat also experienced price surges driven by adverse weather in the Black Sea, increasing Russia-Ukraine tensions, and worsening U.S. crop conditions. The USDA reported mixed conditions for North American winter wheat and better-than-expected spring wheat planting progress. The commercial dollar closed slightly higher at R$5.1162.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Brazilian wheat market continues to operate with punctual business reports and firm prices. In Paraná, a ton of type 01 cereal is quoted at an average of R$ 1,433 inland FOB. According to Safras & Mercado analyst, Elcio Bento, this corresponds to an increase of 1.9% compared to last week and 7% when compared to the same moment in the previous month. In Rio Grande do Sul, the average indication in the main production regions is R$ 1,345/tons, with gains of 1.5% and 3.9% when compared to last week and last month, respectively. According to him, those who need immediate purchases find a producer raising prices and being inflexible in their orders. “In the face of price formation, the sellers' arguments are currently stronger: import costs rising significantly and little good quality wheat available on the market”, analyzed Bento. The Chicago Board of Trade (CBOT) for wheat closed with significantly higher prices. After some volatility, the market consolidated in positive ...
Source: CanalRural
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