China become’s Brazil’s biggest corn buyer in january

China became the top destination for Brazil’s corn exports in January, surpassing traditional importers such as Japan, Iran and Spain, according to revised trade data released by the Brazilian government on Wednesday.

Brazil sold 983,684 tons to China in the period, the second full month of corn trade after Beijing’s authorizations for Brazilian sales of the cereal in late November.

The country already ships most of its soybeans to China, a major importer that also buys meat and other staples from Brazil.

Winning a big customer like China will help Brazil get an even bigger share of the global corn trade.

Until recently, China imported approximately 70% of US corn and 29% of Ukrainian corn, the cereal exporters association Anec said on Wednesday.

But after Russia’s invasion of Ukraine, China looked for new suppliers.

Last year, China was already the destination of 1.16 million tons of corn from Brazil, almost all shipped in December.

In 2023, despite the increase in domestic corn production, China will import around 20 million tons, Anec said.

Also this Wednesday, the National Supply Company (Conab) raised the cereal export forecast from Brazil to 47 million tons in the 2022/23 season, compared to 45 million tons previously estimated.

In terms of value, Brazilian corn exports to China totaled US$271.4 million in January, representing about 15% of the US$1.773 billion total exported in the month, according to revised trade data.

Japan, Brazil’s second-largest corn buyer by volume and first by value last month, paid US$275.2 million for 975,858 tons, new trade data showed.

The Foreign Trade Secretariat (Secex) also revised data on Brazilian corn exports for January, reducing the volume to 6.16 million tons, compared to 6.34 million tons indicated last week.

Source: Money Times

To read the original report, visit: https://www.moneytimes.com.br/china-se-torna-maior-comprador-de-milho-do-brasil-em-janeiro/

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