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USDA FAS raises Brazil corn production guess
The USDA’s Foreign Ag Service is projecting record corn production for Brazil as farmers try to meet domestic and global demand.
Combined 2022/23 corn production in Brazil is seen at 126 million tons, up 5% from the last guess and 8.6% on the year due to increased planted area and expectations for improved yields.
While there was no official breakdown, that’s expected to include a solid increase for Brazil’s second corn crop, the largest of the three and the source of most of their exports.
Export demand for U.S. corn has already been slower than anticipated due to relatively high prices and competition from Brazil, in addition to Argentina and Ukraine.
Brazil’s corn exports are expected to be record large at 47 million tons, 2.5 million more than the current marketing year.
The FAS has wheat production at a record 9.4 million tons, 21% above 2021/22.
The next estimate from CONAB is out December 8th, with the updated official USDA outlook is scheduled for December 9th.
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