U.S. corn exports are facing increased competition from Brazil and Argentina, the two South American nations that are offering cargoes at competitive prices on the back of high crop output, a trend that could put downward pressure on Chicago corn prices in coming months, analysts said.
According to the Hellenic Shipping News, the changing trend should potentially see corn exports from Brazil and Argentina making double-digit gains in the 2018-19 marketing year, while U.S. corn exports will drop marginally, as buyers in South Korea, Taiwan, Japan, China, Egypt, and other traditional destinations of the U.S. cargoes queue up for more attractively-priced South American offers.
