Oil-for-corn deal shows supply chains adapting to Venezuela sanctions — Panjiva
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Oil-for-corn deal shows supply chains adapting to Venezuela sanctions

Ags - Grains/Beans 324 Consumer Staples 818 ESG 61 Mexico 931 Sanctions 173 Venezuela 70

Libre Abordo, a Mexican trading firm, has made an unconventional deal with Venezuela to trade corn for oil. That allows Venezuela to sell oil despite U.S. sanctions. Mexican corn exports of $163 million dollars to Venezuela in 2019 make it the largest market for Mexican corn farmers. Exports have increased by 190.9% year over year in the three months to Jan 31. The other top exports to Venezuela are also foodstuffs including cereals, processed cereals, and dairy products. Exports of cereals and processed cereals rose by 26.4% and 123.3% year over year while dairy dropped 98.4%. That m...

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