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PT_BR 
On the Chicago Board of Trade, the average monthly wheat price fell 1.5% in April (US$$ 535/bushel) and remained falling during May, closing with a partial average of US$$ 516/bushel. On the domestic market, prices remained sustained during April, but fell in May, reflecting the fall in international prices.
Photo: Gilson Abreu
Wheat prices fell in April and until mid-May in Chicago, reaching its lowest level since August/2024, of US$$ 499/bushel, on May 12, the day the United States Department of Agriculture (USDA) released global estimates for a record harvest for 2025/26. In addition to improved weather conditions in the United States and production expectations, the decline was influenced by the decline in corn prices, as they are substitutes in animal feed. Tariffs imposed by the United States also affected the competitiveness of American wheat during April, but it recovered in May, following the provisional agreement with China.
In May, prices recovered after frosts hit Russia's production areas. Crops in the south of the country's main exporter were hit by low temperatures, which could lead to downward revisions in the country's exportable balance. Some areas in southern Ukraine were also affected. Finally, a slight worsening of winter crop conditions in the United States also contributed to the recovery in prices in May.
In the Brazilian market, wheat supply remained restricted due to the off-season period. In Rio Grande do Sul, the average wheat price in April was R$ 74.72/60kg bag, up 3% compared to March. Despite the increase in the monthly average in April, Brazilian wheat fell 4% between May 1 and 20, to R$ 71.61/bag, due to lower international prices. In Paraná, the market remained stagnant and prices were practically stable, given the limited remaining volume – the average was R$ 80/bag until May 20. The main pressure on domestic prices came from the drop in prices in Argentina, which reduced import parity. Argentine wheat has been arriving at mills at prices lower than the national price.
