January 20, 2004

Brazil 2003 Corn Exports Reach 3.56 Million MT, Up 30% On Year

Brazilian corn exports reached 3.56 million metric tons in 2003, 30% higher than the 2.74 million tons sent the year before, according to official government figures.

The main destination for Brazilian corn last year was Spain, with 919,935 tons in shipments. The No. 2 destination was South Korea, which took 737,442 tons.

Brazilian farmers also began exporting sorghum last year, shipping 302,400 tons, according to government figures.

Corn exports could have been even higher in 2003 - analysts had estimated sales of up to five million tons - but for the strengthening of the Brazilian real in the second half of the year and a decline in international corn prices, said Leonardo Solorugen, corn analyst at the local Celeres agricultural consultancy.

Brazil exported its record corn harvest but still saw imports rise 132.7% to 796,200 tons in 2003.

Brazilian corn exports continue apace even in January, the last month of the marketing year. Some 140,200 tons of corn was exported through the port of Paranagua in the first 18 days of the month, according to the port authority.

The pace of exports is fruit of the intense buying by exporters in December, said Solorugen.