China is actively buying Brazil’s second corn, known as “safrinha,” even as farmers grapple with planting delays in the world’s third-biggest producer of the cereal. According to grain traders, China has bought in advance at least 1.5 million tons of the second crop, representing more than 10% of total forward sales of the product. Farmers have sold around 14 million tons of their next safrinha, traders said. The corn already bought will partly be exported from July and partly processed internally, the traders and one analyst said. Aside from China, buyers of Brazil’s 2023 safrinha corn include Japan and South Korea, the analyst said. Brazil’s corn is also widely imported by Iran. Yet, it hasn’t been purchased early, said a trader and an analyst.
Source: Nova Cana (*Translated by Ia Niani)