Corn and soybean prices on the CBOT have steadied at higher levels in the last couple days, as signs of improving US crops took some steam out of recent rallies. Corn ratings were generally higher across Indiana, Illinois and Pennsylvania, while soybeans improved in Illinois, Kansas and Nebraska. If this translates into higher exports later this year, it could take some pressure off the low export levels seen from Brazil recently.

Brazil exported 94,000 Mt of corn in June, and was below last year’s 645,014 Mt and also below 2019’s 2.189mn Mt. Brazilian corn loadings usually pick up strongly in July as well, but only 468,189 Mt has been exported so far this month, with one-third of the month left to go. That compares to 3.791mn Mt in 2020 and 5.529mn Mt in 2019. Brazilian soybean exports have been closer to normal levels. Argentinian corn exports have been near-normal, but soybeans are currently 252,346 Mt, and sharply below last year’s 936,655 Mt.

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