Heavy, consistent rain over the last two months has ruined what promised to be a decent wheat crop in the southern Brazilian state of Rio Grande do Sul.
As a result, Brazilian crop forecasts are plummeting.
Last week, Brazil's Agriculture Ministry cut its wheat crop forecast to 7.0 million metric tons (mmt) from 7.7 mmt last year due to the quality damage caused by the rain just when harvest was beginning in the No. 2 producing state.
However, several private surveys put the crop below 6.5 mmt.
"The rain has hit the crop badly, and it will certainly not meet ...