Brazil increased corn exports by more than 10 mln tons in 2023

According to Oil World, Brazil increased corn exports from 43.44 mln tonnes to 55.89 mln tonnes in 2023 compared to the previous year, with the biggest increase in shipments during the second half of the year. In October-December, the country exported 21.92 mln tonnes of corn, compared to 19.11 mln tonnes in the same period in 2022.

In the 4th quarter of 2023, Brazil supplied the largest volumes of corn to China – 8.24 mln tonnes, compared to 1.17 mln tonnes in the same period of 2022.

In general, in 2023, China imported a record 16.16 mln tonnes from Brazil (up from 1.2 mln tonnes in 2022) and became the main buyer, displacing the EU countries, which in 2023 reduced the imports of Brazilian corn from 8.24 mln tonnes to 3.06 mln tonnes. It is worth noting that Japan, South Korea, Vietnam, Taiwan, Morocco, Algeria and Saudi Arabia increased the imports of corn from Brazil in 2023, while Egypt, Mexico, Colombia and Iran significantly reduced the purchases.

Experts Conab in the January report lowered compared to the estimates of December forecast of soybean crop in Brazil in 2023/24 MG by 3.1% to 155.3 million tons, and corn – by 0.8% to 117.6 million tons due to adverse weather conditions in the country – excessive rainfall in the South and moisture deficit in the Northern regions. Excess moisture in the southern regions delays planting.

The new soybean crop forecast is 4.2% lower than the initial estimates (162 mln tonnes), but 0.4% higher than in 2022/23 MY, when 154.4 mln tonnes of soybeans were harvested.

The forecast of soybean planting areas was lowered by 0.1% to 45.2 mln tonnes (+2.7% compared to 2022/23 MY), while the forecast of soybean exports was lowered from 101.5 mln tonnes to 98.45 mln tonnes, which is 3.2% lower than last year. Conab experts left the forecast of soybean processing in 2023/24 MY at 54.3 mln tonnes, although the forecast of soybean meal production was increased from 40 to 40.6 mln tonnes (+8.2% y/y), and soybean oil – to 10.7 mln tonnes.

According to Conab, the corn production in Brazil in 2023/24 MY will decrease by 10.9% compared to the previous season, in particular, the first crop corn – to 24.38 mln tonnes, and the second – to 91.2 mln tonnes, as a result, the corn exports estimate was lowered from 38 to 35 mln tonnes.

Tags: corn, export, Brazil, soybean