Brazil is poised to export 40 million tonnes to 50 million tonnes of corn next year, after a new trade protocol with China and a potential bumper crop. Corn exports to China alone could be as much as 5 million tonnes next year, making it a key supplier to the country alongside the United States. China’s import demand is 18 million tonnes for the 2022-23 cycle, according to the Department of Agriculture. Brazil export volumes could reach a record high after Beijing authorized a number of Brazilian corn exporters under the new protocol.
At least three vessels were named to ship Brazilian corn to China, Agrinvest analyst Eduardo Vanin wrote in a note to clients, citing shipping schedules data, with expectations of more in the coming weeks. Traders in Asia have talked about six to eight vessels named to take Brazil’s corn to China as well.
Chinese customs updated its list of approved Brazilian corn exporters earlier this this month, a move the Brasilia government said could jumpstart sales to the world’s second-largest economy.
