Brazil foresees 6-year lowest corn carryovers

Brazil is exporting corn at a torrid pace and if the pace continues, the country will end up with the smallest corn carryover in six years, Soybean&Corn Advisor informs.

In their December Crop Report, Conab estimated that Brazil would export 40 mln t of corn in 2019 and that the carryover would be 13 mln t. But at the pace that the corn has been exported during the first half of December, the total corn exports during 2019 could be closer to 42.5 mln t and the carryover closer to 10 mln t, which would be the smallest in six years, the message reads.

As a result of the tight corn supplies, domestic corn prices in Brazil have remained very strong and they are expected to remain that way until the safrinha corn starts to be harvested next June.

Previously reported that corn shipment in the week of Dec. 14–20 revised upward by 19% and amounted to 1.16 mln t vs. 978 thou. t a week earlier.