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Due to the Crop Failure of Wheat in Argentina, Brazil Is Looking For Other Suppliers

by | Nov 24, 2022 | Specials

Brazil traditionally buys about 6 million tons of high-quality wheat from its neighbor in the south, but market analysts now expect that Brazilian plants, especially in the northeast, will have to resort to other suppliers, such as the Russian Federation, the United States or the EU, En.mercopress reports.
About seven vessels with Russian grain are expected in the coming months
Although forecasts indicated an increase in Brazilian imports from other countries back in May 2023, some factories in the northeast have already taken measures to buy wheat from the Russian Federation. About seven vessels with Russian grain are expected in the coming months.
Last week, affordable FOB wheat (without import costs) in Argentina cost an average of $ 370 per ton, while Russian wheat – $ 330. French/European wheat costs about $350, while American or Canadian wheat costs about $430.
US, Canada and Russia are possible suppliers
Earlier, analysts stressed that Brazil would have to look for alternative sellers of wheat, as crop failure in Argentina reduced production and jeopardized its ability to export, analysts say, pointing to the United States, Canada and even the Russian Federation as possible suppliers.
The creation of a network of granaries in neighboring European countries, proposed by US experts, will solve the problem of exporting the new crop.
The UN’s chief aid representative, Martin Griffiths, said on October 26 that he was “relatively optimistic” that the UN-brokered agreement, which allowed the resumption of Ukrainian Black Sea grain exports, would be extended in November.
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The post Due to the Crop Failure of Wheat in Argentina, Brazil Is Looking For Other Suppliers appeared first on Commodity Board Europe GmbH.