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November 4, 2015

Brazil Exports Record Amount of Corn in October

Brazilian corn exports set a record for the month of October at 5.54 million tons or the equivalent of 264,200 tons per day. This is an increase of 91% compared to last October when Brazil exported 3.17 million tons of corn. The previous record for October corn exports was set in October of 2013 when Brazil exported 3.95 million tons of corn.

In their latest monthly assessment, Conab estimated that Brazil would export 26.4 million tons of corn in 2015, but many analysts are more optimistic and they feel the number might hit 30 million tons or more. The previous record for Brazilian corn exports was set in 2013 when Brazil exported 26 million tons of corn.

The prior record was set in 2013 in response to the disastrous drought in the U.S. during the summer of 2012. The very tight supplies resulted in high corn prices and Brazil was the only country with ample stocks of corn to supply the world demand. The record corn exports expected in 2015 is the function of cheaper Brazilian corn prices resulting from the devaluation of the Brazilian currency. Brazil also produced a record large corn crop in 2015, so the combination of ample supplies and low prices have resulted in a significant increase in Brazilian corn exports.

From January through October, Brazil has exported 12.33 million tons of corn. The one thing that could prevent Brazil from reaching a new record would be prolonged periods of wet weather in southeastern Brazil and especially at the ports of Paranagua and Santos.