STONEX RAISES BRAZIL’S WHEAT IMPORT FORECAST IN 2023-24

Due to a lack of domestic supply, StoneX boosted its prediction for Brazil’s wheat imports in the 2023-24 season to 7.05 million tons, a 10.7% rise from the December estimate. This projection shows a 56.2% rise over the 2022-23 crop year, indicating mills’ growing demand for high-quality wheat for human consumption. The forecast for Brazilian wheat output in 2023-24 has been revised downward, to 8.25 million tons, a 4% decrease from the previous prediction due to the impact of excessive rainfall, particularly in Rio Grande do Sul.
Source: Forbes / Abitrigo (*Translated by Ia Niani)