Brazil’s projected wheat crop for 2023-24 has been lowered to 8.6 million tons, a considerable reduction from previous predictions. Lower yields in the South, caused by heavy rains, have resulted in a 7.4% decrease in harvest compared to November. This will have a detrimental influence on domestic crushing and result in increased wheat imports. According to the consultancy firm StoneX, Brazil would now need to import 6.3 million tons, a 41% rise over the previous harvest and a 220-thousand-ton increase over the November prediction. Shipments have been reduced from 2.66 million tons to 1.6 million tons from the prior report.
Source: Forbes (*Translated by Ia Niani)