Brazil Corn Prices Hike & Fall in H1 2022
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Brazil Corn prices mainly compete with Argentina & the US. Since the beginning of 22, Corn prices surged, reaching ~364 USD/mt for Brazil & the US on the first week of Mar with the start of the war in Ukraine. Between Jan & Mar, prices hiked for Brazil the most, gaining 93 USD/mt (+34%). However, Brazil prices rapidly tumbled despite swelling 30 USD/mt between the last week of May & the 1st week of Jun 22 due to weather-induced incertitude. Indeed, Soil moisture levels were at 37% saturation level on May 20th (10% below the 5Y avg) but rapidly rose to 55% in Jun, 2% above the 5Y avg. Brazil prices are currently more competitive than main competitors’ by ~ 5 USD/mt with Argentina & by 69+ US/mt with the US. With competitive prices and a record export crop, which importers will benefit from the Brazil Safrinha Corn crop?
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