SAO PAULO- Brazilian corn exports for July were estimated at 3.4 million metric tons, a 2.4 million tons rise compared to June, as the shipment season gathers pace and soy exports lose momentum, grains traders lobby Anec said on Wednesday.
If confirmed, corn exports for the month would be around 2.5 million tons below July of last year, when Brazil harvested a record second-corn harvest and China was more avidly buying the cereal from the South American nation.
Still, China was Brazil’s top destination for corn exports this year through June, accounting for 20 percent of all shipments, according to Anec.
Brazil’s second corn, which is sowed after soybeans are harvested on the same areas, is mainly exported in the second half, when it competes with supplies from the United States.
Consultancy Agroconsult on Tuesday pegged Brazil’s second corn production at 100.5 million tons and exports at about 42 million tons. After surveying local corn fields, Agroconsult said lower projected exports this season reflect weaker demand from China and competition from rival suppliers like Argentina and Ukraine.
