StoneX Raises Wheat Import Forecast for Brazil in 2023/24

StoneX raised its projection for wheat imports by Brazil in the 2023/24 season to 7.05 million tons on Wednesday (01/17), a 10.7% increase compared to the volume projected in December due to tight domestic supply.

According to the consultancy, the forecasted import volume for this year represents a 56.2% increase compared to the 2022/23 crop, “reflecting increased activity by mills to acquire high-quality cereal from abroad, intended for human consumption.”

See below the trend in Brazilian imports of wheat recorded between Jan 2019 and Nov 2023. The data is from DataLiner.

Brazilian Wheat Imports | Jan 2019 – Nov 2023 | WTMT

Source: DataLiner (click here to request a demo)

StoneX also updated its estimate for Brazil’s wheat production in 2023/24, now at 8.25 million tons, a 4% decrease from the value projected in December.

“On the production side, the only revision from last month’s report occurred in the number for Rio Grande do Sul. The state was one of the most affected by excessive rainfall, reflecting in productivity,” stated the note.

Sources: Forbes

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