Brazilian corn exports were significantly lower compared to those recorded in 2019 for Feb-Jun time span. With Iran reducig its appetite for purchases and the occupation of port spaces by soybean stocks at Brazilian shipping docks, corn happened to be squeezed out of the picture.
During the months of July, August and September winter crop is being harvested and national volumes are about to stack up. Also according to estimates and considering the beginning of the harvest in the Northern Hemisphere, Ukrainian cereal prices should reduce, which is expected to be averaging US$ 5.00/mt cheaper compared to the Brazilian grain.
Brazilian suppliers are likely to outflow the product in the domestic market, which has already registered an improvement in the profitability of corn ethanol and a potential recovery in the margins of the pork sector.