Highlights
Brazil’s soybean harvest starts in January and their corn export program ends at the end of January because they must switch their limited infrastructure to export soybeans. Right on cue, yesterday’s weekly export sales of corn were 1.593 million mt, almost 400,000 mts above the high end of expectations. It was the second largest weekly corn sales of the marketing year and, perhaps more important, China bought 319,000 mt. They had been buying record large tonnage from Brazil. We sent you this chart several weeks ago of Brazil’s monthly corn exports:
