Brazilian government prepares intervention in the wheat market

Consultoria Trigo & Farinhas states that the Brazilian government is preparing to intervene in the wheat market. The information initially emerged at the last meeting of the National Wheat Sector Chamber, in Brasília, but took shape last Friday (30.09), when a Circular Letter from Conab was sent recommending that storers, mills, cooperatives and cereal growers update their records of its warehouses. 

The terms under which this intervention will take place have not yet been perfectly defined. According to T&F, there are two concrete possibilities: The first would be the acquisition by the government itself of part of the production to form regulatory stocks, which currently do not exist. The second could be an aid to the flow of surplus harvests from Rio Grande do Sul towards the mills in the Northeast. 

“Before making any decision, Conab technicians must present a Technical Note to the National Monetary Council explaining the situation and the need to use public money in this circumstance. And the technicians were (are?) waiting for the definition of the wheat harvest in Rio Grande do Sul to issue this Note. The start of the wheat harvest in RS is scheduled for mid-October to mid-December”, concludes T&F senior analyst, Luiz Carlos Pacheco. 

Source: Agrolink

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