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

According to Oil World, in 2023, Brazil increased corn exports from 43.44 to 55.89 million tons compared to the previous year, with the largest increase in shipments during the second half of the year. In October-December, 21.92 million tons of corn were exported, compared to 19.11 million tons for this period in 2022.

Brazil delivered the largest amount of corn to China in the 4th quarter of 2023 - 8.24 million tons compared to 1.17 million tons in the same period of 2022. Deliveries to Vietnam also increased from 1.34 to 2.06 million tons .

In total, in 2023, China imported a record 16.16 million tons from Brazil (compared to 1.2 million tons in 2022) and became the main buyer, displacing EU countries from this position, which in 2023 reduced imports of Brazilian corn from 8 .24 to 3.06 million tons. It is worth noting that Japan, South Korea, Vietnam, Taiwan, Morocco, Algeria and Saudi Arabia increased their corn imports from Brazil in 2023, while Egypt, Mexico, Colombia and Iran significantly reduced purchases

In the January report, Conab experts reduced the forecast of the soybean harvest in Brazil in 2023/24 MR by 3.1% to 155.3 million tons, and corn - by 0.8% to 117.6 million tons, as a result of unfavorable weather conditions, compared to December estimates. conditions in the country - excessive rainfall in the south and moisture deficit in the northern regions. Excess moisture in the southern regions delays sowing.

The new soybean harvest forecast is 4.2% lower than initial estimates (162 million tons), but 0.4% higher than the 2022/23 FY, when 154.4 million tons of soybeans were harvested.

The forecast of soybean sowing area was reduced compared to December estimates by 0.1% to 45.2 million tons (by 2.7% it will exceed the indicator of 2022/23 MR), and the forecast of soybean exports was reduced from 101.5 to 98.45 million t, which will be 3.2% lower than last year's figure. Conab experts left the forecast for soybean processing in 2023/24 at the level of 54.3 million tons, although the forecast for the production of soybean meal was increased from 40 to 40.6 million tons (+8.2% for the year), and for soybean oil - to 10, 7 million tons

According to Conab estimates, corn production in Brazil in the 2023/24 FY will decrease by 10.9% compared to the previous season, in particular, corn of the first harvest - to 24.38 million tons, and of the second - to 91.2 million tons, as a result of which the estimate corn exports were reduced from 38 to 35 million tons.