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US corn export price difference to Brazil corn narrows

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US corn export price difference to Brazil corn narrows

New Delhi — The export price of US corn is closing the gap with Brazilian corn after being uncompetitive against the South American exporter for almost seven months, according to data from the International Grains Council.

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The export price of Brazilian corn was higher at $171/mt Wednesday, while the US corn export price stood at $170/mt, according to the data.

Although export price of Brazilian corn fell below that of US corn Thursday, the spread was still a far cry from $19/mt seen at the end of July. The export price difference between US and Brazilian corn has been less than $5 since the last week of September, the data showed, as Brazilian farmers switch their focus to soybeans.

After exporting at record pace, Brazilian corn growers are now slowing corn sales and expecting higher prices.

US exports have been hit hard this year due to surging exports from Brazil and Argentina, following records harvests in both countries in 2018-19.

US corn exports in the first eight months of the year were down 35% year on year at 31.99 million mt, according to the data published by the US Department of Agriculture's Foreign Agricultural Service.

Brazil has already exported about 26.4 million mt of corn so far this marketing year starting February. The port line-up for October indicates that 4.5 million mt of corn will be shipped this month, Brazil's national agricultural agency Companhia Nacional de Abastecimento (Conab) said Thursday.

Brazil may have to export only 8.4 million mt of corn during November-January to hit its projection of 38 million mt in 2018-19, Conab said.

-- Mugunthan Kesavan, mugunthan.kesavan@spglobal.com

-- Edited by Jonathan Fox, newsdesk@spglobal.com