Freight rates for transporting corn from the Brazilian state of Mato Grosso the country’s largest producer and exporter to ports have surged due to the high cost of fuel as well as the increase in demand for trucks. In Brazil, most grains and oilseeds are transported by truck, for both domestic consumption and .
As the world grapples with high grains and oilseeds prices due to tight supplies, high input costs and geopolitical conflicts, more expensive logistics in agricultural powerhouses US and Brazil are also adding to overall cost of the commodities. And these expenses are further burdening consumers. The US is one of the major suppliers of corn, .
Harvest of second-corn crop, also known as safrinha crop, in Brazil is gathering pace, putting pressure on corn prices in the spot and futures market. Harvesting in the major corn-producing states of Brazil, which accounts for 92% of the cultivated area, was at 3% as of June 4, Brazil’s national agricultural agency Conab said. Harvest .
Brazil’s spot corn prices are likely to ease as harvest gathers pace in the coming weeks, according to local government reports. Buyers in Brazil have been waiting for the arrival of the second corn crop so as to be able to trade a higher volume because a potentially record harvest might pull prices down, S&P .