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Bolsa de Cereales reduced its projection for the cereal harvest again, by 1.2 million tons compared to the previous report, to 14 million tons.
The recent devaluation of the North American currency has been reducing import parity, which, in turn, favors foreign purchases. However, in Argentina, the largest supplier of wheat to Brazil, the Cereals Exchange again reduced its projection for the cereal harvest, by 1.2 million tons compared to the previous report, to 14 million tons.
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According to data from the Cepea newsletter, in relation to last season (which totaled 22.4 million tons), the drop in Argentine production is a significant 37.5%. In Brazil, the advance of the wheat harvest in Rio Grande do Sul has resulted in a drop in prices in the state. There are reports of wheat being traded from Rio Grande do Sul to Paraná, due to the better quality of the cereal.
Source: agrolink
