Brazilian corn exporters are alarmed by the financial problems of the largest grain importer, Iran

is a key destination for Brazilian corn. The situation has worsened after new EU sanctions have made it more difficult for Iran to access oil revenues. As a result, the Central Bank of Iran is unable to provide importers with the currency to pay suppliers in a timely manner, which has led to significant delays in the import of goods. On September 29, the Council of the EU renewed sanctions against Iran in response to its intentions to resume uranium enrichment. The assets of the Central Bank of Iran and a number of large commercial banks remain frozen. Although the ban on oil and oil products imports to the EU has not been a dramatic change for the market, its impact on the country’s financial capabilities is clear: Modalal Group currently has unpaid foreign exchange liabilities of 1.3 billion euros. According to market sources, Behshahr Oil — a company that is presumably part of the Modalal group — has stopped production. The company has not received payment from the Central Bank ...