Brazil wheat exports hit new high

Brazil’s wheat exports this month have already risen to a new high for March, while cumulative shipments since the start of the marketing year surpassed initial projections, as global buyers continue to seek replacement for Black Sea crop.

Wheat shipments from Brazilian ports have totalled 481,000t so far this month, line-up data show. Another two cargoes of a combined 41,000t are scheduled to be shipped on 29 March, bringing the total to 535,000t.

This takes Brazil’s wheat exports this month to a record for the period, with the country’s March shipments previously hitting a high of 492,500t, customs data show.

Saudi Arabia is the largest importer of Brazilian wheat in March, with trading firm Viterra shipping two cargoes of a combined 143,000t to the destination at the start of the month. Other destinations include Vietnam, South Africa, Indonesia and Sudan, with one of the scheduled cargoes for later this month heading to Angola.

Cumulative shipments from Brazil between the start of the country’s marketing year in October and February totalled 2.03mn t, already exceeding the 1.7mn t target projected by the US Department of Agriculture (USDA) for the whole season.

The pace of shipments quickened from December to a new monthly high in February at 837,000t. Pakistan was the largest receiver of Brazilian wheat last month, with exports from the destination totalling 138,500t. This was followed by exports to Turkey at 126,000t, marking Brazil’s first shipments to the destination in at least 10 years.

And cumulative shipments including preliminary March line-up data would hit 2.57mn t, which exceeds all annual volumes seen to date, with Brazil’s wheat exports previously hitting a high of 2.54mn in 2010-11.

Global wheat imports — Middle Eastern and southeast Asian in particular — have sought alternative supply options this year, initially as prices at some key origins rose to fresh highs and more recently because of conflict-induced supply disruptions in the Black Sea region.

India also emerged as an alternative supplier this year, following a bumper harvest and using its freight advantage into major buyers in southeast Asia. The country’s wheat exports in July-January of the 2021-22 marketing year reached 4.9mn t, up by 3.9mn t on the year.

Brazil wheat exports mn t

Argus Media

Tags: Brazil, Saudi Arabia, wheat, shipments, импортер, export