High priced domestic crop will make JBS import corn

JBS is making negotiations in order to import about 200,000 tons of corn in response to higher domestic prices, the company said on Wednesday (12/11).

The statement said that corn shipments should arrive in Brazil in early 2020, when supply should decrease. JBS did not mention the origin of the product, but Argentina and Paraguay are regular suppliers.

“The company’s decision is based on better competitiveness relative to the current cost of grain in Brazil,” said JBS.

Corn prices have risen more than 30% since September, reaching the highest level since August 2016, due to lower supply.

Earlier this year, JBS had already ordered its first shipment of 2019 maize imported from Argentina for its southern refrigerators.

Bloomberg had previously reported that JBS was negotiating imports of corn to Brazil.

Source: Reuters

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