“Brazil remains on track for a record maize harvest this year, and exports could rise 8% in 2023. Brazil could thereby become the world’s largest maize exporter this year, which would partially offset weaker harvests in the US, Argentina, and Ukraine,” says Filipe Gouveia, Shipping Analyst at BIMCO. Exports of Brazilian maize are expected to strengthen from June onwards as Brazil harvests this year’s second maize crop, commonly known as “safrinha”. Due to Brazil’s large harvest, this year’s exports will likely be sold at a lower price than maize from other exporters. As the largest maize importer, China stands to benefit from affordable Brazilian maize and has already canceled orders for more expensive imports from the US. In November 2022, China approved the import of Brazilian maize, previously banned due to phytosanitary concerns.
Sources: BIMCO/Datamar News