GRAIN

摘要

South American soyabean trade has been a major contributing factor to the recent strength in earnings for grain carrying dry bulk carriers in the Atlantic. As Brazilian soyabean shipments begin their seasonal decline, official data show the country's exports dropped to a three-month low of 9.1 Mt in June, attention is now turning to accelerating Brazilian corn exports and Black Sea grain. Brazilian corn exports typically start to pick up in July and peak close to the end of the 3q. According to the International Grains Council (IGC) shipments this year were boosted by an early second crop and competitive pricing. Brazilian corn is currently at a discount to US material. Official data show exports climbed to a June record of 1.4 Mt last month, almost ten times the year-ago level. Responding to this early acceleration, the IGC lifted its forecast for Brazilian corn exports in the 2019/20 market year (July-June) by a further 2.0 Mt to 33.0 Mt, the highest level since 2015/16.