Brazil: Greater corn production raises exports to 47 million tons

Updated Mar 2, 2023
With the new possibility for Brazil to reach a record production of 130.6 million tons of corn in 2022/23 considering the three harvests, StoneX hopes that the country will be able to expand its cereal shipments. The group raised its export estimate by one million tonnes to 47 million. Closing stocks advanced marginally to 14.09 million tons, which represents a stock/use ratio of 11%. Regarding the first corn crop 2022/23, StoneX maintained its production estimate at 27.55 million tons. Despite the weather adversities faced in recent months, especially in Rio Grande do Sul, a supply above that recorded in 2021/22 is still expected. The second 2022/23 crop of the cereal received another positive revision, of 0.7% compared to the February number, reaching 100.8 million tons. Due to the expectation of an area smaller than previously expected, the production estimate for Goiás was reduced to 12.5 million tons. On the other hand, this cut was offset by a more favorable perspective for ...
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