- Trade Resumption: Brazil imported $10.9 million of Russian wheat in January 2025, sharply up from $1.1 million in December 2024.
- Supplier Rankings: Argentina led Brazil’s wheat imports at $70.9 million, with Uruguay, Paraguay, and Russia also supplying.
- Market Signal: The tenfold monthly increase in Russian wheat flows is neutral to slightly bullish for Black Sea wheat demand.
- Price Impact: Current volumes are still too small to significantly move regional wheat prices but warrant close monitoring.
Brazil Resumes Russian Wheat Imports
Brazil resumed Russian wheat imports in scale at the start of 2025, purchasing $10.9 million worth of wheat from Russia in January, according to Brazil’s statistical service as cited by RIA Novosti. This marked a sharp rebound from December 2024, when Brazil brought in only $1.1 million of Russian wheat, making the January inflows roughly ten times larger on a monthly basis.
January 2025 Wheat Supplier Breakdown
| Supplier Country | Brazil Wheat Imports (USD) | Rank in January 2025 |
|---|---|---|
| Argentina | $70.9 million | 1 |
| Uruguay | $12.8 million | 2 |
| Russia | $10.9 million | 3 |
| Paraguay | $11.7 million | 4 |
Brazil sourced wheat from four main origins in January. Argentina remained the dominant supplier with $70.9 million in shipments, reinforcing its role as Brazil’s primary regional partner in wheat trade. Uruguay followed with $12.8 million, Paraguay shipped $11.7 million, and Russia ranked as the third-largest supplier by value at $10.9 million.
Market Impact and Black Sea Wheat Outlook
Russia’s growing presence in Brazil highlights increasing geographical diversification for Black Sea wheat exports. While the absolute value of $10.9 million remains modest relative to South American suppliers, the tenfold month-on-month jump underscores improving competitiveness for Russian wheat in Latin America. For now, these volumes are insufficient to materially shift regional price benchmarks, but they do offer incremental demand support that is neutral to slightly bullish for Black Sea wheat.
Traders should monitor whether Russian shipments to Brazil continue to build over the coming months. A sustained or rising flow would suggest a more structural reorientation of global wheat trade, with Brazil potentially becoming a recurring outlet for Black Sea origin. That could, over time, influence basis levels, freight spreads, and relative pricing between South American and Black Sea wheat in Atlantic basin markets.
Source: Market Data
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