Brazil Sets New Record for Wheat Imports from Russia

In September, Brazil’s purchase of 246,000 tons of wheat from Russia set a new bilateral trade record.

Importantly, this is a 2.6-fold increase from last month. Previously, the record was 217,400 tons in December 2022.

Despite the volume, the cost wasn’t a record. Brazil spent $61 million this September, compared to $70 million last December.

Consequently, Russia became Brazil’s top wheat supplier that month. It outpaced Argentina’s 99,000 tons and Uruguay’s 30,000 tons.

Additionally, other countries also supplied wheat to Brazil. Canada contributed 21,000 tons, Paraguay 11,000, and Lebanon 2 tons.

Over the past nine months, Russia has climbed the ranks. It’s now Brazil’s second-largest wheat supplier, with sales totaling $193 million for 723,000 tons.

Interestingly, Russia wasn’t even a supplier last year. Meanwhile, Argentina remains in the lead with 1.7 million tons, and Uruguay comes in third with 723,000 tons.

Background

This record-breaking import shows Brazil’s growing demand for wheat. Historically, Argentina has been the major supplier.

But now, Russia is closing the gap. This could signal a shift in global wheat trading patterns.

Previously, Russia wasn’t a key player in Brazil’s wheat market. However, it’s rapidly gaining ground.

Brazil’s diversification in suppliers could also affect global wheat prices.

Additionally, this could be an indicator of Russia’s expanding agricultural exports and influence in Latin America.

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