Black Sea Wheat Crisis Hits Brazil as Its Own Crop Shrinks

Black Sea wheat exports are bottled up by attacks on ports and vessels, lifting prices even though global wheat supply remains adequate. Raphael Bulascoschi, StoneX Brazil Market Intelligence Analyst, explains how a smaller Brazilian crop and a strong Argentine harvest are reshaping wheat trade. Russia, the world's largest wheat exporter, is struggling to ship, redirecting importers toward Canada, Australia, Ukraine and Argentina. Conab estimates Brazil's 2026/27 wheat crop down 26.2% year on year, pushing Brazil wheat imports to their highest level since 2006/07. Argentina wheat exports gain from export tax cuts, while El Niño harvest rain puts quality at risk. Download the StoneX 2026 Commodities Outlook: https://www.stonex.com/en/insights/commodities-outlook/?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26 Discover Actionable Markets Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/cotton?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26_sxtv_rafael_bulas 00:00 - Wheat Hits a Three-Year High 00:28 - Black Sea War Bottles Up Wheat 02:05 - No Wheat Shortage, Just Risk 03:18 - Brazil Wheat Crop Down 26% 05:33 - Argentina's Edge Meets El Niño Like and subscribe for more financial market insights. #StoneX #RafaelBulascoschi #Wheat #Grains --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@StoneX_Official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social