US Corn Wins Even When It Loses
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US Corn in 2022 is less competitive than its LatAm counterparts in Asia as Corn prices are surging to record highs. Indeed, Jun US Corn CFR prices to Japan are ~ 79 $/mt higher than Brazil prices. Nonetheless, the US has the supply advantage, and despite US exports to Japan decreasing from Jan to Apr by ~39% YoY, Brazil suffered a greater loss, losing ~1.56 Mmt (-92.7%) exports YoY. However, while the US is liquidating its current crop, Brazil’s export crop is incoming, and recent showers could save what was meant to be a very good crop.
Japan Corn Imports by Origin Between Jan & Apr: 2022 v. 2021
Track Corn Cargos From Argentina, Brazil, and the US to 31 Countries in Asia
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