EU corn imports surge as buyers seize on low prices

Corn imports continued to surge ahead in the week to January 23 and now stand at 9.29 million mt in this July-June marketing year – 54.4% higher than at the same stage last year – according to European Commission data released Thursday.

Corn prices trading on the Chicago Board of Trade have slumped over 10% in the last year - from $4/bu in January last year to just over $3.55/bu today - which has been met with greater imports.

So far, Spain has been the largest importer, more than doubling purchases to 3.67 million mt.

Spain is followed by the Netherlands, which imported 35% more at 1.94 million mt and Portugal, which imported 34% more so far this year compared to last at about 1 million mt.

In terms of suppliers, Brazil accounts for just over 50% of all imports, selling 4.7 million mt into the EU over the past 7 months.

Ukrainian sellers sold 3.12 million mt, as buyers have taken advantage of the entirety of the EU’s 1.03 million mt duty free import quota.

In terms of wheat, exports fell 17.1% year-on-year to 11.89 million mt.

French exports again exceeded all other origins, with 252,533 mt of exports in the week taking its total for the marketing year to 4.03 million mt.

In the oilseeds market, soybean imports continue to hover with a lag of around 8% behind last year at 6.95 million mt.

The Netherlands is the biggest buyer or soybeans in the current marketing year, importing 2 million mt, followed by Spain with 1.66 million mt, and Germany with 1.12 million mt.

US took the largest market share at 37.7% of imports, or 2.66 million mt.

Brazil is the second-biggest origin, with 27.1% of sales, or 1.88 million mt.