Dry bulk shipments are shifting trade routes, with various crop conditions around the world, making an impact. In its latest weekly report, shipbroker Intermodal said that “in examining global bulk shipments, what stands out is the weakening of corn exports from Brazil, particularly during the second corn crop (safrinha) harvest. This decline is contributing to a year-over-year reduction in Brazil’s total grain exports, including soybeans, following Brazil’s surpassing of the United States as the largest corn exporter last year. Specifically, according to an ANEC report, Brazil exported a total of 23.49 million tonnes of corn from January to September 2024, compared to 34.08 million tonnes during the same period last year. For October 2024, ANEC projects total exports of 5.68 million tonnes, in contrast to the 8.02 million tonnes exported in October 2023. Brazil typically exports the majority of its corn during the safrinha harvest, and while that has been the case this year as well, the export volume between June and September was 25.59% lower compared to the same period in 2023”.
According to Intermodal’s Head of Research Department, Mr. Yiannis Parganas, “the aforementioned decline can be attributed to several factors. Primarily, the severe dryness affecting…