Brazilian corn exports are set to reach 3.4 million metric tons in July, marking a significant increase of 2.4 million tons compared to June. This uptick comes as the shipment season gains momentum, with grains traders lobby Anec reporting the rise on Wednesday. However, these figures reflect a decrease of approximately 2.5 million tons compared to July last year, when Brazil experienced a record second-corn harvest and saw heightened demand from China.
China remains the top destination for Brazilian corn exports this year, accounting for 20% of all shipments through June, according to Anec. Brazil's second corn crop, planted after soybeans in the same areas, primarily fuels exports in the latter half of the year, competing notably with supplies from the United States.
Consultancy Agroconsult recently estimated Brazil's second corn production at 100.5 million tons, with exports expected to reach about 42 million tons. Despite this robust outlook, Agroconsult noted a projection for lower exports this season due to reduced demand from China and increased competition from rivals such as Argentina and Ukraine.
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