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Brazilian domestic corn prices have risen 68% this year to an all-time high according to Cepea, despite back-to-back record harvests. Strong exports and growing ethanol demand are driving the rally.
Chicken export margins fell to negative 12%, and some producers plan to cull breeding birds, which could cut fourth-quarter poultry output by 5% to 10%.
Record corn prices in Brazil squeeze poultry margins and could reduce chicken output, lowering protein feed demand. Strong ethanol and export pull on corn supports the global corn complex.
airfreight.newsBloombergOct 29, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
