Brazilian market pays attention to the climate and focuses on the start of exports of the 2024 crop of corn

Published 2024년 5월 13일

Tridge summary

The article highlights the significant impact of excessive rainfall in Rio Grande do Sul, Brazil, on the local economy, with the meat and rice sectors experiencing the most damage. The soybean crops have also suffered losses, as a portion was still being harvested during the rain, while the corn harvest is nearly complete. Additionally, a new drought in the region from Paraguay to Minas Gerais poses further risk to crops. The article emphasizes the critical role of weather conditions in the United States in influencing the corn market, as Brazil is a major corn exporter with an export potential of 45 million tons this year. The market is closely monitoring the situation, especially in Mato Grosso, the largest contributor to national corn shipments, and is aware of opportunities for exports approaching 40 million tons this year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The catastrophe that shook Rio Grande do Sul will affect all segments of the local economy. The meat and rice sectors seem to be segments most affected by the situation due to the impediment of traffic to farms, flow of animals, feeding, as well as damage to rice crops. In the case of soybeans, some losses will occur because 76% of the crops were reaped and a portion was still under the effect of excessive rain in recent days. The corn harvest was practically complete, with a small portion to be reaped will not change the market context. Of course, the difficulty in carrying goods due through damaged roads and warehouses could change the regional environment in the short term. On the other hand, there is a new drought in May, which affects the region from the north of Paraguay to Minas Gerais. Is there any possibility of any additional crop losses with this situation? It is clear that many crops are in the decisive phase of production and will have the effects of losing potential. ...

Source: UkrAgroConsult