Brazilian corn exports are expected to flood the global marketplace beginning in July and into the U.S. autumn harvest.
China's overall corn imports are down about 10% this year, according to customs data, as buyers there await ample supplies of cheap Brazilian corn in the coming months.
Total U.S. corn export sales in April and May were the lowest in at least 22 years, according to weekly USDA export sales data.
The period included three weeks in which more purchases were canceled than booked, and the two worst weeks of U.S. corn exports on record.
Rapid growth in Brazilian corn production offset loss of much of the corn exports from Ukraine since Russia’s invasion.
Persons:
Yahir, Stephen Nicholson, Richard Guebert, They're, Nicholson, Matthew Roberts, Brazil's, We're, Karl Plume, Caroline Stauffer, Marguerita Choy
Organizations:
REUTERS, Rabobank, . Department of Agriculture, Gulf, Total U.S, Thomson
Locations:
Brazil, Tuxpan, Veracruz, Mexico, China, Illinois, U.S, Ukraine, United States, BRAZIL, Gulf Coast, Chicago