Wheat Argentina’s March wheat exports ended at almost 400 KMT, 80 percent of which went to Brazil. There was also one vessel sold to Chile, one to Colombia, and one to Peru. Total exports so far this season are 1.85 MMT, which is still historically low but if the current trends continue, it is very possible that the export estimates of 4.5 MMT will be met. In that case, Argentina will probably end up exporting close to 3.5 MMT to Brazil. Brazil, as in every year, needs to import about 5.5-6 MMT, of which about 4 MMT will come from Mercosur countries (Argentina, Uruguay, Paraguay) tax free. The rest (1.5-2 MMT) will be subject to an import quota where roughly half will enter duty-free, but the balance will have to pay a 10 percent TE...