Four to six vessels are expected to carry Brazilian corn to China this month, the first shipments since a new bilateral trade protocol entered into force, according to maritime shipping data compiled on Wednesday by Victor Martins, senior risk manager at HedgePoint Global Markets.
Martins projects Brazilian corn shipments to China totaling as much as 368,000 tonnes in November based on information he independently obtained from market sources and three shipping companies updated through Tuesday.
China’s Cofco is the buyer of most cargos, the data showed.
Discrepancies in shipping schedules data make it difficult to determine the exact volumes of Brazilian corn going to China in coming days, Martins said.
On Monday, Cofco finished loading Brazilian corn on the Star Iris vessel at the port of Santos, a source said on condition of anonymity. The 68,300-tonne load is going to China and was supposed to set sail on Wednesday, according to maritime shipping company Alphamar.
Cofco declined to comment, saying such transactions are commercially confidential.
If Brazil does ship the estimated 368,000 tonnes to China in November, that would represent almost 6% of the month’s overall exports projected by grain exporter group Anec, according to Martin’s calculations.
At least three more vessels will be loaded with a combined 206,000 tonnes of Brazilian corn and sail to China in coming days, namely the Shandong Fu Xin, the Krini, and the Key Guardian, data compiled by Martins showed.
All three ships appear as chartered by Cofco in a report published by maritime shipping company Cargonave on Tuesday. Cargonave, however, declined to disclose the exact nature of the cargo and its destination.
