Brazil will need to seek alternative wheat sellers because Argentina’s crop failure has curtailed production and compromised its ability to export, analysts said, pointing to the United States, Canada and even Russia as possible suppliers.
Brazil is a net wheat importer and neighboring Argentina, which is currently suffering a drought, is its most important source of the cereal.
Brazil is one of the world’s largest wheat importers, with domestic consumption above 12 million tons per year, below its output capacity. In turn, the year before, it purchased almost 900,000 tons from the United States, Canada and Russia, according to Brazilian government data. The Mercosur Common External Tariff is zero for imports of some products this year, including wheat. Brazil also has an annual 750,000-tons wheat import quota that is exempt from the tariffs.
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