Brazilian sales push EU corn imports 54% higher year-on-year

EU imports of corn have passed the 10 million mt mark and now stand 54% higher than at the same stage last year as buyers have taken advantage of low global corn prices and favourable freight rates, data from the European Commission showed Thursday.

Imports of cheap Brazilian corn are almost five times what they were at the same stage last year, with 4.91 million mt of imports accounting for just under half of the EU’s total imports.

Ukrainian corn imports, meanwhile, are up 6% year-on-year to 3.65 million mt.

Spanish corn importers have led the way, surging ahead by 52% and topping 3.99 million mt this week, while Dutch corn imports are 28% higher year-on-year at 2.09 million mt, and Portugal is up 20% to 1.03 million mt.

On the export front, wheat continues to lag previous years as a strong euro, tight European stocks, and stiff competition from competing origins have all combined to leave wheat exports 18% lower year-on-year at 12.6 million mt.

While other exporters are generally much lower, French export sales have fared a little better at 4.3 million mt – 34% higher than at the same stage last year, but 10% below the average of the past three years.

Soybeans saw 362,656 mt of import in the week, taking the 2017/18 marketing year’s total to 7.57 million mt – 5% lower than last year.

US soybeans constitute the bulk of EU imports this year with 3 million mt, followed by Brazil with 1.99 million mt.

The Netherlands is the EU’s biggest buyer with 2.21 million mt, followed by Spain with 1.9 million mt, and Denmark with 1.13 million mt.