Brazil Set to Overtake the United States as the Leading Global Corn Exporter

09 Sep, 2023

Brazil Set to Overtake the United States as the Leading Global Corn Exporter

In a significant development, Brazil is poised to surpass the United States this year as the world's leading corn exporter, marking the end of the United States's long-standing dominance in this sector. This transformation is primarily attributed to a bumper harvest, as announced by officials on Wednesday.

Brazil, a formidable force in the realm of agriculture, already holds the title of the world's top producer and exporter of soybeans. The latest production report from the state-run National Supply Company (Conab) indicates that Brazil is on course to export a staggering 50 million tonnes of corn in the year 2023, a milestone that would eclipse US corn exports.

This projection closely aligns with the forecasts made by the US Department of Agriculture, which, in an August report, anticipated Brazilian corn exports to reach 56 million tonnes this year, surpassing the United States' expected export figure of 41.3 million tonnes. It's worth noting, however, that while Brazil is set to lead the world in corn exports, the United States maintains its status as the foremost global corn producer, with a production volume of 348.8 million tonnes, more than double Brazil's forecasted production of 131.9 million tonnes.

Brazil's ascent to the top of the corn export leaderboard can be attributed to several factors. A conducive climate allows Brazilian farmers to conduct three corn harvests annually, and favorable weather conditions in the current year have led to an exceptionally bountiful crop. Furthermore, productivity improvements have played a pivotal role in this achievement. Brazil's corn harvest is projected to surge by 16.6% this year, bolstered by a 13% increase in productivity per hectare (acre). Particularly noteworthy are the record-breaking productivity levels observed in the central-western state of Mato Grosso, a key hub for grain production, as reported by Conab.

In a demonstration of their commitment to corn production, Brazilian farmers have planted a record-breaking 22.3 million hectares (55.1 million acres) of corn this year, representing a 3.2% increase compared to the previous year. It's important to note that Brazil had previously disrupted the decades-long dominance of US farmers in the corn export arena, achieving this feat once before in 2013.

In addition to its corn success, Brazil is also celebrating a record soybean crop this year, with a harvest of 154.6 million tonnes, marking a substantial 10.9% increase compared to the previous record set in 2020-2021. These achievements underscore Brazil's growing influence in the global agricultural landscape, making it a formidable player in both corn and soybean production and export.