Argentina's wheat price gap widens against Brazil amid large stock build‑up

Argentina's wheat remains markedly cheaper than Brazil's Paraná wheat, with the Rosario reference price trading 15%‑26.5% below Brazilian levels between the first quarter of 2026 and April 20. By July 13 the discount reached about 25%. The Rosario Exchange estimates about 8 million tonnes of Argentine wheat still to be sold before the new harvest arrives in December, representing roughly 29% of the 2025/26 crop, leaving a projected end‑of‑campaign stock of 4.5 million tonnes.

In La Pampa province, the 2026 wheat sowing area rose to 247,000 ha, about 22,000 ha more than projected in May, thanks to ample June rains that improved soil moisture despite delaying planting in some localities. Producers are split on the impact of lower urea prices, with some seeing it as a boost for sowing and others citing cost concerns. The region's planting outlook is therefore mixed, balancing improved water conditions against lingering cost pressures.