Iranian agriculture supplier Brazil braces for higher costs, shipping disruptions

Major Iranian agriculture suppliers Brazil and Argentina will face short-term setbacks of rising input costs, shipping disruptions and market accessibility issues from the escalating Middle East conflict, but market sources expect minimal impact to domestic prices for their corn, soybean and other food commodities. Iran sourced nearly 95% of its 4.9 million mt of corn imports from Brazil from July 1, 2024, to June 16, according to S&P Global Commodities at Sea data. The flows to Iran represented 14.3% of Brazil’s corn exports over the past 10 years, according to Geraldo Isoldi, agricultural futures specialist at Terra Investimentos. In 2024, Iran bought 11% of Brazil’s corn exports to be the third-biggest importer. Iran sourced 1.3 million mt of its 1.4 million mt in soybean imports from Brazil from July 1, 2024, to June 15, CAS data showed. Similarly, Iran relied on Brazil for 933,351 mt of its 1 million mt of soybean meal imports during the same period, with another 116,115 mt ...