Wheat imports in 2024 nearly equal total volume imported throughout 2023

Brazilian players have been paying closer attention to wheat imports, which, as of mid-2024, are nearly equal to the total volume imported throughout all of 2023, according to the Center for Advanced Studies in Applied Economics (Cepea) at the University of São Paulo.

In the first seven months of this year, Brazil’s wheat imports surpassed 4 million tonnes, compared to 4.2 million tonnes for all of 2023. Over the past 12 months, a total of 5.7 million tonnes of wheat arrived at Brazilian ports—the highest 12-month cumulative result since December 2022, according to data from the Foreign Trade Secretariat (Secex).

The following chart compares wheat import volume registered at Brazilian ports in the period spanning January to June from 2021 to 2024. The data comes from Datamar’s original market intelligence service, DataLiner.

Wheat Import Volume | Jan-Jun 2021 to Jan-Jun 2024 | WTMT

Source: DataLiner (click here to request a demo)

Low domestic availability of wheat is driving these external purchases. Estimates from the National Supply Company (Conab) suggest that final stocks in July 2024 would be enough to cover less than three weeks of consumption.

The significant influx of foreign wheat has also pushed domestic prices down. Yesterday, in Rio Grande do Sul, the Cepea/Esalq index reported an average price of R$ 1,417.09 per tonne, reflecting a 1.99% decline from August to date.

Source: Globo Rural

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