Brazil’s corn production in the marketing year 2022-23 is forecast to reach a record 126 million tonnes based on the growing demand and price for corn in both the domestic and international market, according to a Global Agricultural Information Network report from the US Department of Agriculture’s Foreign Agricultural Service (FAS).
The projected corn output is nearly 9% higher than the estimated 116 million tonnes in 2021-22. The FAS maintained the forecast of the planted area at 22.5 million hectares, nearly 4% higher than the harvested area of this current season.
“Although the increase in demand for corn both in domestic and international markets and rising prices have encouraged the planting of this grain, ongoing elevations in production costs have led some producers to switch to more profitable crops, such as soybeans, resulting in a more conservative forecast for the coming season,” FAS said.
FAS increased the forecast for corn exports in 2022-23 to 47 million tonnes, up 2.5 million tonnes from the previous year.
According to a USDA report, Brazil could export as much as 5 million tonnes of corn to China alone in 2023, making it a key supplier to the world’s most populous country and the United States. China will import about 18 million tonnes of corn in the upcoming marketing year.
According to the FAS, Brazil is also poised for a record year in wheat production, with a harvest of 9.4 million tonnes forecast, up 21% from the 2021-22 crop.