The USDA’s Foreign Agricultural Service says Brazil’s 2022-2023 corn exports from October through September of last year are forecast to equal those of the U.S. at 51 million tons.
Brazil has seen expanding production and strong exports in the second half of its 2021-2022 marketing year. Brazil’s corn exports have exceeded those of the U.S. only one time, in the drought year of 20112-2013. Since October 2022, Brazil has exported about 25 million tons of corn, far more than the same period in any previous year. U.S. corn exports are off to a slow start.
Production in 2022-2023 was smaller than initially expected, and logistical concerns on the Mississippi River made things difficult. In the last several months, Brazil has stepped in to fill some of the gap left by Argentina and Ukraine in supplying the world’s corn. But current export bids for U.S. corn are lower than Argentina and Brazil.