Brazil corn exports exceed half of November 2024 volume; revenue rises

Brazil continues to accelerate corn exports in November, with results above those in the same period last year.

According to data from the Secretariat of Foreign Trade (Secex), the country shipped 2.67 million tonnes of unground corn (except sweet corn) in the first ten business days of the month, equivalent to 56% of the total volume exported in November 2024, which was 4.72 million tonnes.

The daily average of shipments reached 267.6 thousand tonnes, a 7.6% increase from 248.7 thousand tonnes shipped per business day in the same period last year.

Below is a historical record of Brazilian corn exports from January 2022 onward. The chart was prepared with DataLiner data:

Brazilian Corn Exports | Jan 2022 to Sep 2025 | WTMT

Source: DataLiner (Click here to request a demo)

Analyst forecasts strong exports but limited impact on prices
Despite the strong export performance, Ronaldo Fernandes, market analyst at Royal Rural, assesses that Brazilian shipments should not cause major variations in domestic corn prices.

According to him, factors such as abundant domestic supply and strong competition from the United States tend to limit the impact of foreign sales. In addition, recent trade agreements require several countries to purchase American corn, reducing the space for Brazilian products in some strategic markets.

“We are talking about something close to 40 million tonnes exported — an expressive volume — but one that still leaves a high inventory in the country. In 2026, we will compete for market share with a giant U.S. crop, and many countries will be committed to buying American corn,” Fernandes said.

Brazil expands presence in alternative markets
The analyst also highlights that the profile of international buyers has changed, with Brazil strengthening sales to markets outside the U.S. sphere of influence, such as Iran and Egypt.

“Iran, for example, has returned to buying large volumes, since it faces diplomatic and commercial difficulties with the United States. The country maintains a barter system with Brazil that even includes fertilizers. These partners — who have no other options — end up becoming our natural clients,” Fernandes explained.

Revenue and average prices also advance
Brazilian corn exports in November have already generated US$ 585.9 million in revenue, according to Secex. The amount represents more than half of the total revenue of US$ 981.5 million obtained throughout November 2024.

The daily average of revenue also grew 13.4%, rising from US$ 51.6 million to US$ 58.6 million per business day.

In the same period, the average price per exported tonne rose 5.4%, from US$ 207.70 in November 2024 to US$ 219.00 this year.

Expectations for closing 2025
Even with the positive export trend, analysts expect the year to close with stability in the international corn market. The strong performance of Brazilian shipments helps keep the country among the largest exporters in the world, but the high stocks and global competition still limit more expressive upward price movements.

Source: Portal do Agronegócio

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