Market News & Headlines >> Brazil's Corn Exports Slide
Brazil’s corn exports fell off sharply in February amid tight supplies and strong domestic demand, while the country’s February soybean exports fell slightly short of a year earlier with rainy weather and coronavirus issues disrupting shipments.
Brazil exported 346,400 metric tons of corn in February, down from 2.294 million metric tons in January and 1.598 million tons in February 2019, according to government data released on Monday.
Brazilian corn prices hit a four-year high in February on strong demand from meat packers and an expanding corn-ethanol industry following an aggressive 2018/19 corn export campaign. USDA estimates Brazil’s 2018/19 corn exports at a record high 42 million metric tons.
The country’s February soybean exports totaled roughly 5.116 million tons, up from 1.488 million in January, but down from 5.267 million in February 2019. Intense rains in parts of Brazil during February reportedly delayed soybean export shipments.
Reuters News Service reported on Feb. 21 that the daily average of soybean exports slumped in early February by 26.8% versus last year to 192,800 tons, according to official trade data for the first two weeks of the month. The drop came despite an ample lineup of ships at ports, with more vessels scheduled to take Brazilian oilseeds to customers overseas in February than in the same month last year, Reuters noted.