Brazil overtook the title as the world’s largest corn exporter in 2022-2023 but early projections indicate the US could reclaim the top spot this marketing year.
University of Illinois research associate Joana Colussi tells Brownfield stronger soybean prices and the El Nino weather pattern have prompted Brazilian farmers to reduce corn acreage.
Looking at data from CONAB, Brazil’s equivalent to the USDA, Colussi says, “Brazilian corn exports are forecast at around 40 million tons, a 27% decrease from the record shipments of 52 million tons in the 2022-2023 market year.”
She says China sourced a lot of corn from Brazil last year, so a decrease in production could open the door for US farmers.