Iron Ore Rises, But Threatened By Brazilian Supply Amid Stable Freight Rates

The vast export programme for the US soybean harvest is pushing up elevato costs at key export hubs, which together with expectations that the US will harvest one of its largest corn crops in history, could leave US corn less competitive. The USDA August update puts the US corn crop production at 15.3 billion bu/ 388 million tonnes, and calls its corn export programme to reach 2.22 billion bu /56.5 million tonnes in 2020/2021 marketing year, potentially making it the 3rd busiest export year in US history. China so far has purchased 5.8 million tonnes of corn and 10.3 million tonnes of soyabeans.

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