Brazilian farmers will harvest a record wheat crop of 11.3 million tonnes in the 2023/2024 season, compared with 11 million tonnes in the previous one, StoneX said. In its first forecast for the new crop, StoneX said farmers will expand the planted area by 6.1% to 3.48 million hectares (8.599 million acres), citing “optimism” among wheat producers this year based on the expectation of costs remaining stable and demand strong, though wheat prices have declined. Despite increased crop yields, StoneX sees an increase in imports by Brazil in the 2023/23 market year, owing mostly to a decrease in international prices. Brazilian imports in the new season are estimated at 6.15 million tonnes, up 9.4% compared to the previous cycle.
Sources: Money Times/Datamar News