RIO DE JANEIRO, BRAZIL - From January to March, imports increased 90% over the previous year, according to data from the Ministry of Industry and Trade. BRF (BRFS3), the country's largest poultry processor, has bought two shipments of corn from Argentina to help control costs, the company said this week, without disclosing the volumes. BRF also said it has been importing corn from Paraguay.
While small volumes of trade among major grain exporters is not atypical, Brazil has increased corn and soybean imports after strong Chinese demand depleted inventories. Meanwhile, domestic corn prices have more than doubled in the past . . .