1) "Lower exports are a function of the lower crop, not less of demand". Brazilian exports from February / 2020 follow the average of Brazilian exports from previous years, 2016/2017/2018, as shown in the table. 2,700 Mi Bags in Feb / 202 is not a surprise.
2) "FOB differentials would have been much weaker." They look smaller these days.
3) "As per logistical issues due to C-VID, IMO its too early for these to have impacted FEB exports. If they will impact it will likely be April onward." The disclosure of the first case began on 12/31/2020.
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