Cepea, 21/01/2025 – Cepea research shows domestic wheat prices appear to have found a support level, even signaling some positive moves. With the harvest complete, Conab went on to cut its estimate for Brazilian output to the lowest level in three years, which, according to Cepea researchers, should reinforce the need for imports, especially in this first half of the year. Argentina appears to have larger volumes available to offer Brazil, but continues seeking other trade partners, such as China. The Center also notes that the exchange rate should be the main driver of import parity, just as there are concerns about the dynamics of international trade following the new U.S. administration taking office. Source: Cepea (www.cepea.esalq.usp.br)