Corn exports lose priority to soybeans and face little international demand

There are still nearly 500 thousand tons of corn available for export. However, the product handling rates in Brazilian ports on the 10th indicates that the export season is nearly over.

In addition to the slow pace of the international corn market, soybean shipments are now the export priority due to the ongoing harvest season, according to brokerage Germinar.

According to a survey conducted by the company with port authorities, the cargo reserved for vessels in the process of loading, waiting for a berth, or sailing to ports totaled 79 thousand tons.

This figure only applies to the Port of Santos; other terminals in the country, particularly those in the south, are expecting to handle no corn at all. Brazil’s southernmost states produce the most corn, but severe drought conditions last year reduced yield.

See below the Brazilian soybean and corn exports’ track record in the last three years. The data are from DataLiner.

Brazilian Soybean and Corn Exports (HS 1201 and 1005) | Jan 2019 to Dec 2021 | WTMT

Source: DataLiner (click here to request a demo)

The figures also confirm what Germinar’s CEO, Roberto Carlos Rafael, said about the low shipments in the corn commercial year.

From February 2021 to January 2022, Brazil sent 15.1 million tons less abroad than in the previous period.

The excess supply shows the change in market dynamics since the accelerated demand recorded in 2020, says the Germinar trader.

Source: Money Times

To read the full original article please access the link:

https://www.moneytimes.com.br/alem-de-nao-ter-demanda-milho-tem-janela-dos-portos-fechada-pela-soja/

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