Mexico: Grain importers pay 34% more in the first two months of 2021

Published 2021년 3월 30일

Tridge summary

In the first two months of 2021, Mexico experienced a 34% surge in the cost of basic grains, leading to a 520 million dollar increase in the total value of grain purchases abroad compared to the same period last year. Despite the higher prices, the volume of purchases only increased by 1.2%, reaching 5.7 million tons. The average price per ton for corn, soybeans, and wheat were up by 35%, 37%, and 22% respectively. These increased costs are being passed on to consumers, with significant price hikes observed in chicken, wheat-based food products, oils, fats, and wheat flour. The high international grain prices are primarily due to strong demand from China, with the USDA anticipating record purchases of corn and soybeans by China this year.

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

Original content

The rise in international prices of basic grains is already suffering in Mexico. In the first two months of 2021, importers of these inputs paid 34 percent more for the invoicing of practically the same volume that they bought in the same period last year, reveals the Agricultural Markets Consultant Group (GCMA). The total value of purchases abroad of corn, beans, rice, soybeans, wheat and other grains totaled 2 thousand 61 million dollars, 520 million more than what was paid a year ago and the highest figure for a first two-month period since 2011. But the increase in the amount of the invoice was not reflected with higher volumes, since these grew only 1.2 percent, to reach 5.7 million tons in the first two months of 2021. From the GCMA analysis, prepared with figures from the Tax Administration Service, it appears that in the first two months of 2021, corn imports entered Mexico with an average price per ton 35 percent higher than in the same period of 2020. Meanwhile, soybeans ...

Source: Inforural