Egypt Corn Shipping Costs Were Mixed in H1 2022
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In Q1 22, Egypt benefited from better execution from Romania, thanks notably to a shorter freight distance and a cheaper product. Indeed, Romania Corn CFR Egypt prices remained around 300 $/mt between Jan & Feb 22. Meanwhile, Argentina, Brazil, & the US were 37, 42, & 43 $/mt above those of Romania on average during the period. Due to the war in Ukraine and the Black Sea blockade, prices surged on Mar 22, reaching the 450$/mt bar. From Mar until July, prices remained high and volatile, with US prices being around 25$/mt higher than the rest of the market. Since the beginning of the war, Brazil & Argentina prices remained roughly similar. Thus the surge in Brazil Corn imports is primarily due to its ample supply accessible earlier in the year. As prices are coming down in Aug 22, does Egypt need to increase the pace of imports in H2 22?
Figure: Argentina, Brazil, Romania, & US Corn CFR Egypt Indications Between Jan & Aug 2022
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