Brazil exported 4.0 million metric tons (MMT) of corn in December, up just slightly from November and from December 2017. Sep-Dec exports totaled 14.6 MMT, down 21 percent from Sep-Dec 2017. In December, USDA projected Brazil would export 29.0 MMT of corn during 2018/19, up 19 percent from 2017/18. Brazil would need to see good export volumes in January and February to hit that mark, which may be hindered if supply from the first corn crop is reduced.
Weather in Brazil remains hot and dry in certain growing regions. With the safrinha (second) corn crop being planted, the market is watching Brazil’s weather forecasts. Northeastern regions are forecast to suffer from persistent dryness though the end of January. Private forecaster Celeres trimmed its estimate of Brazil’s first-crop corn production by 1 MMT, to 28 MMT.
Brazil’s monthly corn exports
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