Brazil's imports of wheat in the first seven months of the year are almost equal to the total volume purchased overseas during 2023. The report is from the Center for Advanced Studies in Applied Economics (Cepea) at the University of São Paulo, and most probably can be attributed to the catastrophic floods in the southern states of the country, which are the main producers of the grain.
Brazilian officials ditched expectations of a tumble in wheat imports to a multi-year low after a surprisingly strong finish to 2016 for buy-ins, encouraged by a recovery in the real and state purchases of domestic supplies. Conab - which a month ago slashed its forecast for Brazil's wheat imports in 2016-17 [on an August-to-July basis] to 5.10m tonnes, the lowest since at least the mid-1990s – this week revised its forecast sharply upwards, to 5.95m tonnes.