Wheat market remains stable

Stability continues to be the keynote for the domestic wheat market, with no significant changes in the last week. Producers remain attentive to the weather and the final stages of sowing in the south of the country, at the same time as they begin the first steps of harvesting. The information is from Conab.

In Rio Grande do Sul, the expectation of adverse weather conditions led sellers to hold back batches of products, waiting for a possible increase in value if adverse weather conditions were confirmed. To date, 90% of the area designated for farming has been planted, with the majority of plantations (90%) in the vegetative development phase, while 10% are in emergence.

In Paraná, the situation is more advanced, with 99% of the area to be planted already sown. Of the planted area, 3% is in the germination phase, 58% in vegetative development, 24% in flowering and 15% in grain filling.

In terms of prices, in Paraná, the weekly average was R$67,50 per 60 kg bag of wheat, a weekly increase of 0,27%. In Rio Grande do Sul, the weekly average was slightly lower, at R$65,85 per bag, but showed a greater appreciation, of 1,73%.

In the foreign market, the situation is more volatile. The release of the United States Department of Agriculture's (USDA) new supply and demand framework revealed a reduction in global ending stocks, but also indicated an increase in US production and ending stock estimates. This put downward pressure on prices.

On the other hand, geopolitical tensions, such as new attacks from Russia and speculation of a possible cessation of exports by the country, acted as factors in the appreciation of prices. However, the weekly average, quoted at US$332,49 per ton, showed a weekly devaluation of 0,37%.