Market News & Headlines >> Brazil December Corn Exports Record High
Brazil’s corn exports set a new record in December on the back of large second-crop production and a weak local currency, despite continued shipping delays due to excessive rains in the southern part of the country.
Brazil’s December corn exports totaled nearly 6.268 million metric tons (246.8 million bushels), up 31.8% from 4.757 million in November and up 84% from the 3.405 million tons the country exported in December, 2014, according to preliminary data released by the country’s Trade Ministry on Monday.
Brazil’s currency, the real, deteriorated by nearly 47% against the dollar during 2015, helping Brazilian exporters to take world market share away from U.S. corn. The real is approaching its September 2015 low against the dollar after weakening again on Monday, in the first trading session of 2016.