The Brazilian wheat market is still operating at a slow pace. Prices are under pressure, and there are more people interested in selling than in buying. The plants are well-supplied, but only visit the market to take advantage of opportunities to prolong their stocks, says SAFRAS & Mercado analyst Élcio Bento. The price of wheat is listed below that determined by the government minimum price of BRL 1,320 per ton. In Brazil’s seven major producing states, wheat planting has advanced to 16.8% of the expected area. According to Conab, Brazilian wheat production would amount to 9.559 million tons in 2023. The amount was 10.554 million tons in both the previous estimate and the preceding year.
Source: Agencia Safras (*Translated by Ia Niani)