Argentina: The 2021/22 corn campaign closed with a lower volume of exports but better prices

Published 2023년 3월 27일

Tridge summary

The article provides an overview of Argentina's agricultural trade performance during the 2021/22 campaign, highlighting a slight decrease in corn exports by 15% but maintaining the fourth highest record on record with an increase in revenue due to higher prices. The country's corn exports were distributed to various countries, with Vietnam and South Korea being the main recipients. On the other hand, soybean imports have seen some growth but have not reached the volumes from previous years. The article also notes the volatility in the Chicago market for soybeans and corn, influenced by various factors such as the Federal Reserve's rate hike, the Brazilian harvest, and China's high daily purchase volumes of US corn.

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

Original content

Throughout the 2021/22 campaign, more than 34.7 Mt of corn were exported, 15% below the 2020/21 campaign. However, we must highlight that the exported volume closes as the fourth highest on record, and that the year-on-year drop is compared to the 2020/21 business year, the one with the highest foreign trade in corn in history. In terms of dollars generated by exports, prices stopped much of the drop in the volume exported. Despite the decrease in shipments abroad of 6 Mt, the average FOB prices of corn grew by 14.5% compared to last season. This compensates us for a large part of the cut in quantities and leaves us with a 3% drop in exports in dollars. Despite this, and measured in dollars, 2021/22 closes its foreign trade as the second best campaign in exports for Argentine corn. Among the main destinations for Argentine corn we find Vietnam and South Korea, with about 14% of exports each in the last season. However, the Corn complex also distributes its exports to destinations ...

Source: Rural Net