Brazil’s equivalent of the USDA is projecting record grain production in 2023.
CONAB says combined production could be as large as 312.365 million tons if weather cooperates and there are no significant shifts in planted area, which is expected to be up on the year. That would be 41.496 million tons larger than the recently ended production cycle and lead to more U.S. export competition, especially over China, which is the world’s biggest buyer of soybeans and has a corn trade agreement with Brazil that starts before the end of 2022.
