Brazil
We have gradually resigned ourselves to Brazil being the leader, but last year they also took the top spot for corn exports, a tougher fact to swallow. There is more going on for the 2023-2024 growing season in Brazil.
Brazil briefly wore the global corn export crown in 2012 because of the U.S. drought. With the ability to churn out three corn crops per year and a supply deal with China, Brazil might be set to maintain that title.
The 2022/23 crop season could post two records in Brazil: a record 313 million tons of soybeans, corn, cotton, rice and wheat and a record storage deficit of more than 100 million tons.
It didn’t start with the swing of an ax in the Amazon or by an explosion in Kiev. Both contributed, but the shifts in global grain flows is a multifaceted prism through which the future is continuing to evolve.
Grain farmers might have started their Cinco de Mayo celebration early on Friday, with grain prices seeing some big gains.
Brazil’s beef exports to China will be halted starting Thursday after a case of mad cow disease was confirmed in the northern state of Para, the country’s agriculture and livestock ministry said on Wednesday.
This week, a Brazil-based consultancy cut its soybean production estimate for the country by 2.1 million metric tons. Between Brazil and Argentina’s drought-impacted crops, the situation has the market’s attention.
Harvest is underway in South America. Argentina hasn’t seen ideal weather, but it’s a different story for Brazil. AgResource Company’s Dan Basse just returned from Brazil where he got a first-hand look at the crops.
After a week in Mato Grosso, the AgResource team estimates a final yield estimate of 60.3 bu. per acre, which is 8 bu. more than CONAB’s current forecast.
Brazil is a top-five producer of 34 agricultural commodities. As Brazilian farmers start to plant this fall, forecasts show the 2022/23 crop harvest could be the largest ever.