April 21, 2008

Brazil wheat prices rise again on tight supply

Brazilian wheat prices rose again in Sao Paulo last week by 7.5 percent over the last four weeks ended April 12, the Rural Economy Institute of the Sao Paulo State Secretary of Agriculture said on Friday.

Wheat prices rose to BRL40.22 per 60-kilogram bag, up from BRL37.42 per bag four weeks ago.

Of the five main food commodities listed, wheat was the only food item to rise again due to low supply in the local market.

Corn prices declined 4.6 percent to BRL22.12 per bag and soy prices declined 9 percent to BRL41.51 per bag.

Two weeks, ago, wheat prices over a four-week period were up 6.78 percent to BRL37.79.

Brazil's wheat harvest does not begin until late September.

US$1 = BRL1.67 as of April 21, 2008