Wheat harvest advances in Brazil and puts pressure on prices

Wheat prices have been falling in the Brazilian market. According to Cepea researchers, prices are influenced by the progress of the harvest in the country, especially in Rio Grande do Sul, and by projections indicating growth in production in Brazil and the world.

According to Cepea researchers, liquidity was higher in Rio Grande do Sul, due to the better quality of the cereal harvested.

Regarding estimates, for Brazil, Conab raised the projection for this harvest, which is expected to reach 9,5 million tons, an increase of 23,7% compared to the 2021/22 season, in addition to being a record.

According to the USDA, world production is estimated at 782,67 million tons, 0,1% higher than data indicated in October/22 and 0,4% higher than last season, a new record.