Brazil Corn Export Outlook Downgraded
Brazil’s corn exports for the marketing year starting March 2021 are now expected to reach 22.0 Mt, down from 34.9 Mt the previous year and lowered from an estimate of 23.5 Mt made in August, according to Brazil’s food statistics agency Conab. This would represent the lowest annual exports in five years.
There is typically a marked seasonal uptick in corn exports in July as the country’s second crop harvest begins, but poor weather and a delay to planting has hampered the development of the crop.
Exports in July were half the year ago level at 2.0 Mt, with exports in August reaching 4.4 Mt versus 6.2 Mt a year earlier, according to official export data.