Brazil's Foreign Trade Ministry announced Thursday that the Brazilian government was cutting its import tax from 10% to zero. The temporary measure is good for up to one million metric tons of wheat and is in effect until June 30.
Under pressure from local millers, the Foreign Trade Council met last week to discuss wheat tariff changes. Millers were concerned about a drop in supply and the rising price of wheat. Part of the concern was because Argentina, Brazil's main wheat supplier shut down wheat exports earlier last year.