Brazil's corn exports have seen a significant drop from January to October 2024, with a marked decrease in both volume and revenue. New data released on October 21, 2024, by the Secretariat of Foreign Trade (Secex) highlights the challenges facing Brazil's position in the international corn market.

Significant Decrease in Export Volume

From January to October 2024, Brazil exported 3,913,747.9 tons of corn, reflecting a sharp 46.32% drop compared to the same period in 2023, when exports totaled 8,448,437.7 tons. This decline was further illustrated by the decrease in average daily shipments in early October, falling 30.5% from 402,306.6 tons in 2023 to 279,553.4 tons this year.

Stefan Podsclan, a Grain and Projects consultant at Agrifatto, emphasized the challenging nature of 2024 for Brazilian corn exports. He noted, "We have a year-to-date total of close to 24.5 million tons, but last year we had an accumulation of 10 million tons more in that period."

Decline in Export Revenue and Reduced Competitiveness

The competitiveness of Brazilian corn in the global market has been impacted by high prices at Brazilian ports, hovering around €11.20 (R$70.00) per ton. This, according to Podsclan, has diminished Brazil's advantage, particularly as the United States takes a leading role in corn exports.

In October 2024, Brazil's corn export revenue was $778.523 million, a 38.6% decrease from the $1.902 billion earned in October 2023. Additionally, the average price per ton of Brazilian corn fell by 11.7%, from $225.20 in October last year to $198.90 earlier this month.

With high domestic prices and strong competition from the United States, Brazil's corn exports are facing ongoing hurdles in the international market.





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