IGC Revises Brazil Export Forecast
The International Grains Council (IGC) has revised downward its expectations for Brazilian corn exports in the July-June 2021/22 trade year by 4.9 Mt to a three-year low of 32.1 Mt owing to a poorer supply outlook, according to its May Grain Market Report. Shipments in the current market year are projected to reach 35.4 Mt.
However, citing a potentially record crop, competitive pricing and improved logistics, the country’s 2021/22 (October-September) soyabean export forecast was lifted by 4.0 Mt to a new high of 91.4 Mt.
Elsewhere, the agency raised its forecast for Chinese wheat imports in the 2021/22 July-June trade year by 1.5 Mt to 9.0 Mt.