Brazil expects record corn and soybean production for the 2022/23 harvest, predicting increases of 23.3% for soybeans and 11% for corn.
A report published today by Brazil’s food supply and statistics agency cites good weather conditions — despite a La Niña phenomenon — and increased planting areas among the reasons for the massive yield forecast.
Brazil expects farmers to harvest 154.8 million tons of soybeans and 125.5 million tons of corn. The report also projects record grain exports of 95 million metric tons in the coming year.
“These are huge numbers,” said MFB Lead Economist Loren Koeman, who noted that China has been a major purchaser of Brazil’s corn and soybeans as the country tries to diversify its ag imports.
“This sort of report is going to dampen the corn and soybean market long-term because it’s a worldwide market.”
Source: michiganfarmnews.com
Photo Credit: istock-ds70
Categories: Michigan, Crops, Corn, Soybeans