Brazil overtakes US as world’s largest corn exporter

Brazil has surpassed the United States to become the world’s largest corn exporter, according to data disclosed by the United States Department of Agriculture (USDA) on the 2022/2023 crop season, which ended on Thursday, August 31.

The last time Brazil claimed the title of the world’s top corn exporter was in 2013 when the United States faced production losses due to a severe drought. Corn exports are crucial for livestock feed worldwide.

During last crop season, Brazil was responsible for 32% of global corn exports, while the United States, which has dominated the corn market for over a century, represented approximately 23%. According to USDA projections:

• Brazil exported 56 million metric tons of corn in the 2022/2023 season.
• The United States sold 41.277 million metric tons.
• Globally, total corn sales reached around 177.5 million metric tons.See below the volume of Brazilian corn exported from maritime ports between Jan 2019 and Jun 2023, according to the DataLiner service.Brazilian Corn exports | Jan 2019 – Jul 2023 | WTMT
  

  Source: DataLiner (click here to request a demo)

Why Did Brazil Take the Lead?

According to researcher Felippe Serigati from the Center for Agribusiness at FGV (FGV Agro), this shift in leadership occurred because:

• Brazil had a bumper corn crop.
• China, a significant buyer from the United States, is seeking to diversify its grain suppliers.
• U.S. corn production declined compared to the previous crop season due to unfavorable weather conditions and rising costs.
• The United States is directing more corn towards biofuels, animal feed, and vegetable oils.

Brazil Expected to Surpass Argentina in Soymeal Exports

In addition to corn, Brazil is set to take the lead in soymeal exports this year, displacing Argentina, the world’s largest exporter of the product, to second place.

This situation is explained by a reduction in Argentina’s production, as its crops were adversely affected by a severe drought in the region.

Brazil last held the position of the world’s largest soybean meal supplier over 20 years ago, during the 1997/1998 crop season, according to data from the Center for Advanced Studies in Applied Economics at the University of São Paulo (Cepea/USP).

According to the USDA, soybean meal exports in the 2022/2023 season are expected to be as follows:

• Brazil: 21.5 million metric tons.
• Argentina: 21.2 million metric tons.
• Total for all exporters: 66.478 million metric tons.

Source: G1

To read the original news text, click on: https://g1.globo.com/economia/agronegocios/noticia/2023/09/01/brasil-supera-eua-e-se-torna-maior-exportador-de-milho-do-mundo-este-ano.ghtml

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