The competitiveness of Brazilian corn is not as good as that of American corn, and the country's October shipments decreased by 24% year-on-year

The Brazilian Foreign Trade Secretariat (Secex) reported that shipments of unground corn (excluding sweet corn) reached 6406204.6 tons in October. This quantity only accounts for 75.82% of the total export volume of 8448437.7 tons in the same month last year.

The average daily shipment volume for these 22 days of the month was 291191.1 tons, a decrease of 24.2% compared to the average daily shipment volume of 402306.6 tons in October last year.

In the last week of October, the National Association of Grain Exporters (Anec) revised its estimate for Brazilian corn exports to 5.92 million tons, reducing the previous forecast of 6.24 million tons.

Ita ú BBA analyst Francisco Queiroz believes that due to the reduced Brazilian harvest in 2023/24 and high domestic grain prices in the international market, Brazilian corn shipments are still slow.

So far, US corn is the cheapest in the world, which has led to a decrease in demand for corn in Brazil and a stronger push for US demand. Brazil's corn plan is lower because we are not competitive and have less supply, "Queiroz said.

Today, we have shipped approximately 32 million tons of corn and planned to ship corn, compared to nearly 50 million tons we promised during the same period last year. Therefore, this year we should actually end with a decrease in shipments, "the analyst added.

The average price per ton of Brazilian corn has also decreased from $225.20 in October 2023 to $199.60 in October 2024, a decrease of 11.4%.