Corn production in Brazil will fall after a record year
Brazil’s corn production in 2023/24 MY is expected to decline due to high production costs and El Niño’s impact on weather. The US Department of Agriculture forecasts that the production will decrease from 135 mln tons in 2022/23 to 130 mln tons.
This year, Brazil flooded the market with corn, which led to lower farmers’ incomes and lower plantings next season. The lower harvest resulted in a 2% decrease in corn exports to 54 million tons in 2023/24. However, the demand for Brazilian corn remains high, especially from China, but prices may rise slightly due to the appreciation of the currency.
This year, Brazil became the world’s largest exporter of corn, ahead of the United States.
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