December 11, 2019 / 11:50 PM / 7 months ago

Brazil's JBS likely to import corn over pricey domestic crop

SAO PAULO, Dec 11 (Reuters) - Brazilian meatpacker JBS SA is in talks to import nearly 200,000 tonnes of corn in response to higher prices in the domestic market, it said on Wednesday.

Corn shipments are likely to arrive in Brazil at the beginning of 2020, when supply is expected to decline, the company said in a statement. JBS did not mention the product origin, but Argentina and Paraguay are regular suppliers.

“The company’s decision is based on the best competitiveness in relation to the current grain cost in Brazil,” JBS said.

Corn prices have risen more than 30% since September, reaching the highest level since August 2016, due to shorter supply.

Earlier this year, JBS had already ordered its first 2019 shipment of corn imported from Argentina for its southern Brazilian meat plants.

Bloomberg reported earlier that JBS was negotiating corn imports to Brazil.

Reporting by Roberto Samora; Writing by Carolina Mandl; Editing by Richard Chang

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