With Brazilian corn less competitive than that of the US, October/24 closes with shipments 24% lower than October/23

Published Nov 6, 2024

Tridge summary

The Foreign Trade Secretariat (Secex) has reported a significant decrease in unmilled corn exports from Brazil in October, with a volume of 6,406,204.6 tons, which is 24.2% less than the previous year. This decline is attributed to a smaller crop harvest in the 2023/24 season and high international prices, making American corn more competitive. As a result, Brazil's revenue from corn exports in October fell by 32.8% year-over-year, totaling US$ 1.278 billion.

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

Original content

On Wednesday (06), the Foreign Trade Secretariat (Secex) reported that the volume of unmilled corn (except sweet corn) shipped throughout October reached 6,406,204.6 tons. The volume represents only 75.82% of the total exported in the same month last year, which was 8,448,437.7 tons. The daily average of shipments in these 22 days of the month was 291,191.1 tons, representing a drop of 24.2% compared to the daily average shipped in October of the previous year, which was 402,306.6 tons. In the last week of October, the National Association of Cereal Exporters (Anec) revised its estimate for Brazilian corn exports to 5.92 million tons, reducing the previous projection of 6.24 million. According to Francisco Queiroz, an analyst at Itaú BBA, Brazilian corn shipments remain slow due to the smaller crop harvested in Brazil in the 2023/24 season and the high prices of the national cereal on the international market. “Today, American corn is by far the cheapest in the world and this is ...

Source: NoticiasAgricolas