CONAB HIGH EXPORTS FORECAST OF CORN 18/19; SEE RECORD SOYA CROP ON 19/20

Brazil will export a record volume of corn in 2018/19 estimated at 40 million tons, pointed out this week the National Supply Company (Conab), which until last month predicted 39 million tons. The historic export comes after a record crop in 2018/19, favorable exchange rate and with Brazil gaining markets in the United States, the largest global exporter, which was hit by weather problems this year. Since it kept its 2018/19 crop estimate at 100.04 million tons, Conab reduced its estimated final stocks by 13 million tons on January 31st , almost 1 million tons below the November forecast. Analysts have been watching the final stocks of 2018/19 carefully, as the new crop (2019/20) is late compared to the previous season, and the market is expected to tighten in some areas early next year until entry. of summer harvest. From January through to the first week of December, Brazilian corn exports totaled 40.6 million tons, a historic high for the period, according to government data released the day before. The new corn crop, in turn, was estimated at 98.4 million tons, with few changes compared to the November forecast. Brazil has been the second largest global exporter of corn after the US.
Source: Notícias Agrícolas