Argentina Corn Exports Surge Amid Ukrainian Grain Export Halt
The suspension of grain exports from Ukraine has led to an increase in world prices and contributed to the intensification of corn supplies from Brazil and Argentina. The latter's record corn harvests have enabled it to actively replace Ukrainian corn in EU and Asian markets.
Argentina may almost double its corn exports in August compared to July, from 3.22 million tons to 6.56 million tons, thanks to a large harvest and high prices. In the first eight months of this year, the volume of already completed and planned export shipments of Argentine corn totaled 33.8 million tons.
Rising global corn prices are also boosting export shipments. December corn futures in Chicago have risen by 14.5% to their highest since mid-2023 at $211/tonne. Corn prices in Argentina rose about $20/tonne to $200/tonne FOB, while December contracts are being signed at $207-210/tonne.