Monday, January 30, 2023
HomeFoodBrazil’s wheat output forecast raised to 10 million tonnes


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Brazil’s wheat output forecast raised to 10 million tonnes

Brazil is forecast to produce 10 million tonnes of wheat this season, up from a previous estimate of 9.67 million, agribusiness consultancy StoneX said on Wednesday, as farmers in the South American country continued their harvest.

Brazilian wheat farmers typically plant their crop in the second quarter and, depending on the state, finish harvesting it in December. The harvest for this season’s crop began in August.

Brazil is a net wheat importer, but farmers this year expanded theircultivation area and are expected to harvest a record crop.

According to the government, prospects are so good for Brazilian wheat going forward that the nation will be able to reduce import dependence and potentially become self-sufficient in wheat in 10 years.

Based on the domestic wheat crop cycle, Brazil’s wheat export season is strongest in the first half of the year.

In 2022, the country had already exported some 2.4 million tonnes in the period, more than twice as much as in the same months a year ago, as demand grew after Russia’s invasion of Ukraine, according to data from grain exporters association Anec.

Russia and Ukraine account for about 30% of global wheat exports.

Given the heated demand for Brazilian wheat, StoneX also raised the country’s 2022/2023 wheat export projection to 2.8 million tonnes from 2.5 million tonnes.

Brazil’s wheat import forecast for this cycle was unchanged at 6.2 million tonnes, StoneX said.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

John Fredriksen Increases Stake in Euronav

Norwegian billionaire John Fredriksen has once again increased his stake in Belgian tanker company Euronav in wake of Frontline’s termination of its combination agreement...

First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Partners

First Citizens Bank announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt...

Eagle Bulk Appoints Kate Blankenship to Board of Directors

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has appointed A. Kate Blankenship...

Golar LNG: Unwind of majority of TTF hedges of 2023 and 2024 Dutch Title Transfer Facility exposure

Golar LNG Limited (“Golar”) announced that it has unwound the majority of its swap arrangements for its Dutch Title Transfer Facility (“TTF”) linked production...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits fresh 2-1/2-year low as larger vessel rates slip

The Baltic Exchange’s main sea freight index extended losses to a sixth straight session...

Baltic index down for fifth day on lower vessel rates

The Baltic Exchange’s main sea freight index fell for the fifth straight session on...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...