January 28, 2023

 

Brazil is expected to register record wheat shipments for January 2023

 

Brazil is expected to register record wheat shipments for January 2023, as domestic suppliers fill the gap left by major exporters Russia and Ukraine, Hellenic Shipping News reported.

 

Brazil's exporters, especially in Rio Grande do Sul, the nation's largest producer of wheat, benefited from the combination of a bumper harvest and production difficulties in Argentina brought on by a drought.

 

The National Association of Cereal Exporters (Anec) projected wheat exports of 803,800 tonnes for January based on shipping schedules.

 

In comparison to the previous record of 695,900 tonnes registered in January 2022, the volume would represent a new historical high for the month if confirmed.

 

Sergio Mendes, the director-general of Anec, said grain importers view Brazil as a dependable supplier, and this favours exporters.

 

About 50% of Brazilian wheat exports are purchased by Indonesia, Saudi Arabia, and Sudan. Mendes said another significant buyer is Vietnam.

 

StoneX consultancy forecasts stable Brazilian shipments of 3 million tonnes of wheat for the 2022/23 season, which runs from August 2022 to July of this year.

 

Brazil's rising wheat exports continue to be dwarfed by Ukraine's predicted 13 million tonne export from the 2022–2023 season, based on data from the US Department of Agriculture.

 

Russia, the top exporter in the world, had difficulty selling wheat throughout the entire July–June marketing season in 2022–23 due to Western sanctions.

 

But the Sovecon agriculture consultancy estimates that Russia will export 44.1 million tonnes of wheat in 2022/23, an increase of 10 million tonnes from the previous cycle.

 

-      Hellenic Shipping News