SAO PAULO: Brazilian poultry processor GTFoods said on Monday it had bought 90,000 tonnes of Argentine corn as it tries to avoid higher domestic prices for the cereal.

GTFoods, which is one of the largest poultry producers in the southern Parana state, said it will soon receive the first cargo of 27,000 tonnes. Two additional cargoes are scheduled to arrive by the end of May.

The company said the deal will guarantee it has enough corn until Brazil starts harvesting the second corn crop later in June. Brazil produced a record corn crop in 2014/15 at 84.6 million tonnes, but a weak currency sharply boosted exports of the cereal, leaving smaller supplies for the large pork and poultry industry in the country.—Reuters