Brazil expects corn exports to Asia to decline next year
Brazil’s corn export forecasts have been lowered as more corn is expected to be diverted to domestic ethanol production. In its latest forecast, USDA lowered its 2024/25 MY corn export forecast to 46 million tons from 51 million tons.
Corn exports in MY 2023/24 (March 2024-February 2025) will remain unchanged at 45 million tons. However, as Brazil’s corn production will decline in the second season, the availability of grain for export in the second half of the year is likely to decrease, USDA noted.
Major Asian importing countries include China, Vietnam, Taiwan, Japan, South Korea, Vietnam, Taiwan, South Korea and Indonesia. China imported 1.4 million tons between January and June 2024. In 2023, China imported 16.1 million tons from Brazil, but that number has since decreased as they have found other competitive sources in Argentina and the U.S. and demand is not as strong this year.
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