U.S. loses #1 spot as corn exporter to Brazil

The U.S. has lost its number-one spot as corn exporter to Brazil but some analysts say it could be a different story next year.

The South American country deals with several issues. Its Crop Agency, Conab, has its 2023-2024 crop at 119.4 million tons, which is down from 131.9 million tons last year. Conab blames the anticipated drop on less planted corn acres as farmers are finding more money in soybeans. They say El Nino weather could also limit yield. They also predict the second corn crop used for exports to fall by nearly 11 percent, but they warn that the crop will not be planted until early next year as things could change between now and then.

Tags: soybeans, crop, U.S., Эль-Ниньо, acres, exporter, exports, corn, Brazil, Conab