‘CHINA FACTOR’ CHANGES CORN MARKET DYNAMICS

Two months after authorizing corn imports from Brazil, China bought more than 1.1 million tonnes of the commodity from the South American nation. Similar shipments are expected to gain momentum this year, with sales to the Chinese amounting to between 3 and 5 million tonnes, putting Brazil on the list of high-ranking exporters to China. According to Paulo Molinari, an analyst at the consultancy Safras & Mercado, of the 18 million tonnes of corn that the Chinese will import in the current MY 2022/23, 15 million should come from the US and another 3 million from Ukraine. Brazil, according to him, can sell between 2 and 3 million tonnes, but this number should not change the final estimate of Chinese imports.
Sources: Valor Econômico/Datamar News