Brazil's corn exports fall on strong domestic demand

Brazilian corn exports slumped 51% by value in the first quarter, according to data compiled by farm lobby group CNA, reflecting strong demand for livestock feed in the domestic market and a sharp reduction in inventories.

Overall Brazilian agribusiness exports in the first quarter of 2020 totaled $21.4 billion and were virtually stable compared with the same period last year, CNA said. China was the main destination for Brazil's agricultural commodities exports like soy, beef and chicken, with shipments to the Asian country totaling $7.2 billion in the period.