Brazilian corn export have only occasional purchases to complete shipments

Published 2023년 2월 28일

Tridge summary

The Brazilian export market is experiencing a decline in business due to occasional purchases and the absence of support from the Chicago/dollar pair. Only a few trading companies are making rare deals for export. Argentine corn is being priced higher than Brazilian corn, raising concerns. The market is retracting due to concerns about the health and size of corn and soybean crops in Brazil, with forecasted productions of 35M for corn and 30M for soybeans, which may be reduced due to unfavorable weather conditions.

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

Original content

Current businesses in the Brazilian export market have only occasional purchases to complete shipments, according to information disclosed by TF Agroeconomia. “Premiums remained at $103 cents/bushel for July 23; retreated to $100 for August23 and retreated to $110 for September,” he comments. “Again, without the support of the Chicago/dollar pair, which, once again, canceled itself out and with some Trading companies ending the previous season's purchases and turning only to soybeans, at this moment, or to the Corn crop, which begins in August close, the market continued to retract. The rare deals for export were made by the same Trading Company, which has been buying for a few days, mostly to cover incoming ships, but nothing to fund new business positions. Some ethanol and corn milling industries are buying the 2023 harvest, signaling that they believe in an increase in the second half”, he comments. Argentina has corn FOB US at US$289, Argentine corn at US$308 and Brazilian ...

Source: Agrolink