Brazil plans to import Russian wheat

Reuters was alone with market moving news on March 9 that Brazil will import Russian wheat for the first time in memory. In an interview one of the country’s leading wheat millers provided detailed information about a cargo of Russian wheat bought by Bunge. Brazil, a huge importer of wheat, usually buys a percent of its imports from Argentina but supplies have fallen following a drought. CBOT May wheat futures fell on news that Russia had received phytosanitary access to Brazil’s wheat market and would potentially win half of its 1-2 mln tonne import market this season.