Management Report 2020
Management Report 2020
Figure 17
Million tons
8
7
6 5 4 3
2
L
Figure 18
Million tons
70.0
60.0
50.0
40.0
30.0
Monthly corn exports, Brazil
jan
feb
mar
apr
may
jun
jul
aug
sep
oct
nov
2017 2018 2019
2020
World corn supply and demand balance
2016/2017
64.9
2017/2018
2018/2019
2019/2020
2020/2021
20.0
10.0
0.0
-3.4
-10.0
-20.0
-13.7
-12.2
-11.8
Source: USDA
SLC
Agrícola
dec
Source: MDIC
Meanwhile, export shipments from Brazil between January and Decem-
ber surpassed 34 million tons, which is above the average volume of
the last 5 years, but approximately 20% lower than in the previous cy-
cle, which registered record exports.
In the global scenario, the difference in supply and demand should
result in a shortfall of 11.8 million tons. The persistence of global def-
icits should work to accelerate the growth in consumption and the
drawdown in global stocks, which could become a significant factor
sustaining future corn prices in the international market.
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