May 7, 2008

Argentina may open wheat market to Brazil buyers
 

Argentina may open its wheat market to Brazilian buyers for 100,000 tonnes, according to a report in Valor Economico, a Brazilian business daily.

However, the Foreign Trade Council in Brasilia said they haven't received official word of the decision.

Argentina was supposed to open its export registry for wheat in January, saying at the time that it would export around 2 million tonnes, most of it to Brazil.

Brazil would be eager to buy Argentinean wheat as wheat prices from North America are high now, said Elcio Bento, a wheat market analyst for consulting group Safras & Mercado.

The newspaper reported that the Brazilian Wheat Industry Association, Abitrigo, confirmed the market opening.

Brazil is a net importer of wheat while Argentina is Brazil's No. 1 supplier.