Brazil Exports Over 1 Million Tons of Corn in July 2024, but Paraguay With Lower Than Expected Production

Brazil Exports Over 1 Million Tons of Corn in July 2024, but Paraguay With Lower Than Expected Production

Posted on
Spread the news!

The harvest of the second corn crop in Paraguay is 85% complete, but progress is slow due to weather conditions and producers’ lack of interest in marketing. Weather difficulties are also responsible for the reduction in productivity and production projections.

DASAGRO’s CEO, Esther Storch, points out that the initial expectation was to produce 5 million tons, but this level was reduced to 4.3 million at the beginning of the harvest and now it is no more than 4 million tons.

Another difficulty is marketing. Storch explains that Paraguayan prices are very much tied to international prices and the large global supply and low demand have been hurting sales in the country, which has only 51% of the harvest committed and only 35% with a defined price.

Brazil’s corn market

On Monday (29), the Foreign Trade Secretariat (Secex) announced the following updates on Brazil’s corn exports for July 2024:

Mintec Global
  • Export Volume:
    • Total Exported: 2,760,867.7 tons of unmilled corn (excluding sweet corn) exported in July 2024.
    • Comparison with Previous Year: This is 65.2% of the total exported in the same month last year, which reached 4,230,622.7 tons.
  • Daily Average Shipments:
    • Current Year: The daily average of shipments in the first 20 days of July 2024 was 138,043.4 tons.
    • Previous Year: This represents a 31.5% reduction compared to the daily average of 201,458.2 tons in July 2023.
  • Price Trends:
    • Corn Prices at Ports: Corn prices in Brazil have increased recently, with values rising from R$59.00 ($10.51) to R$65.00 ($11.58) last week.
    • Export Demand: Roberto Carlos Rafael from Germinar Corretora noted an increase in export demand, leading to the closing of contracts for the coming months. These volumes are expected to appear in lineups within the next 30 to 35 days.
  • Revenue:
    • Current Year Revenue: Brazil has collected US$549.154 million so far.
    • Comparison with Previous Year: This is compared to US$1.035 billion collected in the entire month of July 2023.
    • Average Daily Revenue: The average daily revenue this month has dropped by 44.3%, reaching US$27.457 million per business day, compared to US$49.319 million in July last year.
  • Price Per Ton:
    • Current Year: The average price paid per ton of Brazilian corn in the fourth week of July 2024 was US$198.90.
    • Comparison with Previous Year: This is an 18.8% decrease from US$244.80 in July 2023.

 

 

The following reports may be of interest to you:

Corn Market: Mixed Performance at CBoT on Wednesday
Corn Prices Surge After USDA Reduces Global Stock Forecast
India’s Panel to Tackle Farmer Concerns Over Basmati Prices
India: Decline in Pulses Sowing Area But Increased Wheat Cultivation
Vietnam's Rice Exports Reach Record Levels in 2024


Related posts:

Karnataka Targets Robust Foodgrain Production for Kharif 2024-25 Argentina Faces Soybean and Corn Harvest Delays Due to Adverse Weather Ukraine's Grain Sowing Progresses Amidst Exceeding Export MilestonesUkraine’s Grain Sowing Progresses Amidst Exceeding Export Milestones Wheat Futures Maintain Upsurge Amidst Positive Market SentimentWheat Futures Maintain Upsurge Amidst Positive Market Sentiment River Shoaling Complicates U.S. Soybean ExportsRiver Shoaling Complicates U.S. Soybean Exports Corn Market Futures Are Higher This Week After Bullish ThoughtsCorn Market: Futures Are Higher This Week After Bullish Thoughts grain markets US Wheat Takes Double Hit from Weather EU Extends Ban on Imports of Ukrainian Grain and Oilseeds to Five CountriesGrain Market Updates – 07.07.2023 Odessa Port grain corridor Vessels hardly moving through "Grain Corridor"Vessels Hardly Moving Through “Grain Corridor”