Brazil’s corn exports forecast to reach a record 38m tons this year

According to Agroconsult, Brazil will export a record 38m tons of corn in 2019.  Motivated by the country’s bumper harvest and delayed cereal planting in the United States, the consultancy revised the figures released in March upwards, which had previously forecast exports of 31m tons.

As vendas externas devem chegar a 38 milhões de toneladas, conta 24 milhões de toneladas na safra passada. pic.twitter.com/5q1DyU3iqv

— Rally da Safra (@rallydasafra) June 17, 2019

Last year, crop failure limited Brazilian corn exports to only 24mn tons. According to government data, the country’s annual record is 31m tons exported, reached in 2017.

According to Agroconsult, American corn is currently expensive due to limited supply. Whilst in a normal harvest the US would produce about 380m tons, this year’s forecast is that it will reach 328m tons or less. As a result, Agroconsult’s expectation is that Brazil will recover some of the markets it lost last year, including, but not limited to, exports to the United States. 

Agroconsult estimated Brazil’s total corn production in 2019 at 101.2m tons. It says this volume will be possible thanks to record production of the second crop, estimated by Agroconsult at 74.6m tons. Brazil’s consumption of corn, which is dictated by the poultry and pork industry, will exceed 60m tons this year for the first time, according to Agroconsult.

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