Brazil wheat exports hit new high

Brazil wheat exports hit new high

London, 25 March (Argus) — Brazil's wheat exports this month have already risen to a new high for March, while cumulative shipments since the start of the marketing year surpassed initial projections, as global buyers continue to seek replacement for Black Sea crop.

Wheat shipments from Brazilian ports have totalled 481,000t so far this month, line-up data show. Another two cargoes of a combined 41,000t are scheduled to be shipped on 29 March, bringing the total to 535,000t.

This takes Brazil's wheat exports this month to a record for the period, with the country's March shipments previously hitting a high of 492,500t, customs data show.

Saudi Arabia is the largest importer of Brazilian wheat in March, with trading firm Viterra shipping two cargoes of a combined 143,000t to the destination at the start of the month. Other destinations include Vietnam, South Africa, Indonesia and Sudan, with one of the scheduled cargoes for later this month heading to Angola.

Cumulative shipments from Brazil between the start of the country's marketing year in October and February totalled 2.03mn t, already exceeding the 1.7mn t target projected by the US Department of Agriculture (USDA) for the whole season.

The pace of shipments quickened from December to a new