Poor weather had hampered corn loadings in Argentina recently, but low water levels in the Parana River may be another factor. Corn loadings remained somewhat subdued through the end of this week, with 83,052 Mt/d loaded. While that is up 3% from last week, it is still down 18% from two weeks ago. Loadings typically ramp up starting in February and March and reach a peak in July or August.
Argentinian corn loadings were 98,525 Mt/d in April, and down 13% from 113,030 Mt/d loaded in the same month a year earlier. As we near the one-third point of this month, loadings are down a further 13% to 85,846 Mt/d, but could rebound soon. Weather conditions have become more favorable for harvest recently, and could help loadings see a return to their normal seasonal strength.
Brazilian corn exports were 21,344 mt/d in April, and compares to 8,149 mt/d a year earlier. The increase is notable, given the excessive dryness that the country has experienced. Soybean exports were 478,274 mt/d last month, which is up slightly from 473,469 mt/d a year ago.