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In the first few days of March, Brazil has finalized an export order of at least 500,000 tons of corn, equivalent to the entire export volume in February .
Wheat futures on the Chicago Board of Trade rose 40% last week, while corn futures rose 15%
.
.
According to Luis Pacho, an analyst at consulting firm T&F, the state of Parana has contracted to export about 500,000 tons of corn because export prices are higher than domestic prices
.
The corn will be shipped in March and April
.
.
The corn will be shipped in March and April
.
Consulting firm StoneX forecasts Brazil will export 40 million tonnes of corn in 2021/22, almost double last year's level
.
Brazil was hit by drought and frost last year, which severely reduced the second-crop corn crop
.
Brazil is currently planting the second crop of corn.
Due to the rapid harvest of soybeans, the sowing of the second crop of corn is progressing smoothly
.
Brazil's total corn production this year is expected to be between 111 million and 112 million tons
.
For comparison, Brazil's corn production was 87 million tons last year
.
.
Brazil was hit by drought and frost last year, which severely reduced the second-crop corn crop
.
Brazil is currently planting the second crop of corn.
Due to the rapid harvest of soybeans, the sowing of the second crop of corn is progressing smoothly
.
Brazil's total corn production this year is expected to be between 111 million and 112 million tons
.
For comparison, Brazil's corn production was 87 million tons last year
.
Soaring international wheat prices also boosted Brazil's wheat exports
.
.
Last week the state of Rio Grande do Sul finalized a deal to export 100,000 tonnes of wheat, T&F's Pacho said
.
The company has raised its 2021/2022 wheat export forecast to 2.
7 million tonnes from 2.
5 million, citing strong sales in the December-February period
.
Brazil was a net importer of wheat in previous years
.
.
The company has raised its 2021/2022 wheat export forecast to 2.
7 million tonnes from 2.
5 million, citing strong sales in the December-February period
.
Brazil was a net importer of wheat in previous years
.
StoneX said that with the surge in international wheat prices, Brazil's wheat prices are very competitive, coupled with a strong dollar exchange rate, while Brazil's domestic demand is weak, boosting export demand growth
.
.
