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In March, according to a survey, 780.8 thousand tons of corn were shipped.
China replaced corn with wheat and ended up weakening demand for the cereal on the international market, according to information from TF Agroeconomic. “Premiums fell to $35 cents/bushel for July23, remained at $75 for August23, to $75 in September and rose to US$86 for October”, he comments.
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“According to Chinese consultancy JCI, wheat is starting to replace corn as a feed component in China. This cools the momentum of Chinese imports, which are also not buying more from the US, as they did in March (a little because of the political fight over Taiwan, but a lot because of the exchange of corn for wheat). This could also be one of the reasons why corn shipments in Brazil are slowing down. As we reported last Friday, the National Association of Cereal Exporters (Anec) forecasts exports of 207.1 million tons of corn for this month of April”, he adds.
In March, according to a survey, 780.8 thousand tons of corn were shipped. “The initial forecast was that shipments would reach 836.4 thousand tons of corn in March. If Anec's projection for April is confirmed, the volume shipped of 207.1 thousand tons is 734,949 tons lower. In the week from March 26th to April 1st, Brazil sent 130,876 tons of corn abroad. For the week of April 2nd to 8th, Anec projects shipments of 133,000 tons of corn”, he indicates.
“Approximate FOB Argentine corn prices closed around US$ 283 for April, US$ 283 for May, US$ 267 for June and U$ 257 for July. Flat corn prices remained at US$ 298 FOB in the USA, maintained at US$ 301 FOB Up River (official), in Argentina and maintained at US$ 288 FOB Santos, in Brazil”, he concludes.
Source: Leonardo Gottems | agrolink
