Brazilian corn imports reached 1.2 million mt from January to August and even Mato Grosso, the largest corn producer, imported small volumes for the first time in five years, the state’s agriculture institute IMEA said in its weekly bulletin.
“The Brazilian corn crop loss coupled with the exemption of import taxes have been underpinning the inflow of the grain into the country,” the institute said.
The 1.2 million mt imported in the first eight months of the year is the highest level registered for the period in the customs office’s time series.
According to IMEA, Mato Grosso imported eight tons of corn since the beginning of the year, which is a negligible volume but signals how tight the domestic is following the massive second crop loss in the country.
Imports came as “import prices were 2.8% below Mato Grosso’s prices during the period,” IMEA added.
Brazil usually imports more corn in the last four months of the year than it does in the previous eight.
“Hence…, the country is on track for an all-time record of corn imports this year, potentially reaching 2.0 million mt from September to December,” IMEA said.
