Brazil, aided by a new supply agreement with China, is set to overcome the United States for just the second time ever this season. Late last year, with shipments coming from Brazil, China enlarged its list of authorized Brazilian corn export facilities. Prior to then, the US and Ukraine supplied most of China’s corn imports. According to Matthew Roberts, senior grain analyst at consultancy Terrain, “Brazil can increase this planting area to meet Chinese demand in a way that the United States cannot. Brazil is currently leading the game. We just are not price competitive”, said a US export trader, citing Brazilian corn offers that are USD 30 per ton cheaper than US Gulf Coast port prices.
Sources: Reuters/Agrolink (*Translated by Ia Niani)