South America is a global reference market for corn

According to Sean Hyland, Cargill's Corn and Sorghum Products Manager for South America, today the “corn reference market has become South America”, while the United States and the Black Sea (through Ukraine) became a “shock absorber for the total grain flow”. According to the executive, South Americans have supplanted the Chicago Mercantile Exchange (CBOT, belonging to the CME Group).

“I estimate that Brazil will end up exporting 41 million tons of corn [in the 2019/2020 season], while Argentina will export 38 million and Ukraine another 30 million”, declared Hyland at a conference held this week on the “IV Day of Agricultural Perspectives ”, held at the headquarters of the Buenos Aires Grain Exchange (BCBA).

According to him, in this campaign Brazil, Argentina and Ukraine will export 16 million tons more corn than predicted six months ago, immediately giving a great weight to the world cereal market. “Is it possible to maintain this trend? The good news is that yes, the question will be how to continue to grow in the coming years and what will happen to corn in Argentina based on the policy [still to be implemented by Alberto Fernández's new government]”, he added.

“Today many are taking for granted [to calculate the balance between supply and demand 2019/2020] that Argentina and Brazil will have a large corn harvest, something that I think is a mistake, because you cannot predict that far in advance. what will happen in the long term”, concludes the Cargill executive.

Source: agrolink

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