Argentina Corn Exports Uptrend Continue In Q3 2022

Argentina is a top 4 Corn exporter globally and benefitted from the conflict in Ukraine to boost exports in Q1 22. Indeed, Argentina Corn exports soared between Jan & Mar 22, increasing by 558 & 894 kmt YoY in Jan & Feb, respectively, and by ~1.4 Mmt in Mar. Despite a slow start for 22/23 in Apr, with Corn exports decreasing by 478 kmt YoY, exports have picked up since. Argentina Corn exports increased by 922 kmt in May and surged by 1.4 Mmt in Jul, thanks notably to the Brazil Safrinha Corn crop coming in Jul. As exports are picking up in Jul, who are the largest beneficiaries of the Argentina Corn supply?