IGC Cuts US Corn Export Projections

Grain

Citing a deterioration in crop prospects and poor price competitiveness, the International Grain Council (IGC) cut its forecast for US corn exports in the 2022/23 market year (Oct-Sep) by 2.5 Mt to a three-year low of 57.9 Mt.  At $330/t, the FOB price of US Gulf corn is at a premium of almost $40/t to Brazilian material loading in Paranagua, according to the IGC. By contrast, Brazilian corn exports are projected to increase almost 16 Mt year-on-year to 39.0 Mt as export availability is boosted by resurgent supply. Nevertheless, lower Ukrainian shipments means global corn trade is still expected to contract by around 7 Mt in 2022/23 to 172.3 Mt.