Brazil reaping record soy and corn crops, government agency confirms

Farmers in Brazil will reap record soybean and corn crops this year, the government’s food supply and statistics agency Conab said on Tuesday, June 13, citing favorable conditions in key growing regions.

Farmers in the South American country are poised to harvest 155.7 million metric tons of soybeans in the 2022/2023 cycle, up 24% from last season, Conab said in its latest crop forecast.

Growers will also reap 125.7 million metric tons of corn nationally, 11.1% more than in 2022, even though some farmers were forced to sow part of their corn outside the ideal climate window, Conab added.

More than 99% of Brazil’s soybean fields have been harvested while growers have only begun reaping their second corn, which is planted after soybeans are harvested in the same areas.

Soy exports from Brazil | Jan 2019 – Apr 2023 | WTMT

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Second corn represents about 75% of Brazil’s total corn crop in a given year, and is mainly exported in the second half the year, competing with U.S. corn in global markets.

Brazil is the world’s biggest soybean supplier and sells mainly to China, though this year sizeable exports have been going to neighboring Argentina, where a drought has destroyed a lot of the crop.

Conab said Brazilian farmers have harvested less than 1% of their second corn crop in top grower Mato Grosso state. It added grain filling went well even with somewhat scarce rains in May, raising the potential for a full second-corn harvest there.

Source: Antaq and Reuters

To read source report, please visit: https://www.nasdaq.com/articles/brazil-reaping-record-soy-and-corn-crops-government-agency-confirms

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