financetom
Business
financetom
/
Business
/
Brazil losing corn crown but remains large supplier, Cargill says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Brazil losing corn crown but remains large supplier, Cargill says
May 8, 2024 1:24 PM

SAO PAULO, May 8 (Reuters) - Brazil will remain a

competitive corn supplier in global markets thanks to yet

another year of abundant production, Paulo Sousa, chief

executive of grain trader Cargill in the country, said on

Wednesday during an industry event.

However, the country will not maintain its position as the

world's largest exporter, which it won last year after briefly

overtaking the United States, he said.

Brazil is currently cultivating the "safrinha" corn, which

is planted after soybeans are harvested in the same areas and

represents 70%-80% of national output, depending on the year.

Sousa said Brazil's safrinha corn was looking very good,

naming several large Brazilian growing regions where the crop

was developing well.

Brazil's total corn production will fall by nearly 21

million tons this season, though it is still expected to be

large compared with what other countries are capable of

producing, according to data from national crop agency Conab.

Safrinha corn is mainly exported in the second half and

competes directly with U.S. corn on global markets.

According to Conab, Brazil will export 31 million metric

tons of corn in the 2023/2024 season, much lower than in the

previous one, when exports totaled nearly 55 million tons,

setting a record.

Last month, Conab pegged total national corn output at 111

million tons for the current cycle, 16% below the previous

season as farmers reduced plantings for first corn and safrinha

corn.

The USDA forecasts the U.S. will export 53.34 million tons

of corn in the 2023/24 cycle. It says Brazil will export 52

million tons of corn in the same period.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Walmart asks China suppliers for price cuts on Trump tariffs, Bloomberg News reports
Walmart asks China suppliers for price cuts on Trump tariffs, Bloomberg News reports
Mar 6, 2025
(Reuters) - Walmart ( WMT ) has asked some Chinese suppliers for major price cuts, with the U.S. retail giant's efforts to shift the burden of President Donald Trump's tariffs facing strong push back from firms in the Asian nation, Bloomberg News reported on Thursday. Certain suppliers, including makers of kitchenware and clothing, have been asked to lower their prices...
Walmart asks China suppliers for price cuts on Trump tariffs, Bloomberg News reports
Walmart asks China suppliers for price cuts on Trump tariffs, Bloomberg News reports
Mar 6, 2025
March 6 (Reuters) - Walmart ( WMT ) has asked some Chinese suppliers for major price cuts, with the U.S. retail giant's efforts to shift the burden of President Donald Trump's tariffs facing strong push back from firms in the Asian nation, Bloomberg News reported on Thursday. Certain suppliers, including makers of kitchenware and clothing, have been asked to lower...
ProFrac Q4 Loss Widens, Revenue Decreases
ProFrac Q4 Loss Widens, Revenue Decreases
Mar 6, 2025
05:21 AM EST, 03/06/2025 (MT Newswires) -- ProFrac ( ACDC ) reported a Q4 net loss Thursday of $101.7 million, widening from a loss of $96.5 million a year earlier. Four analysts polled by FactSet expected a loss of $61.8 million. Revenue for the quarter ended Dec. 31 was $454.7 million, down from $489.1 million a year earlier. Analysts surveyed...
Canadian Natural Resources reports fall in fourth-quarter profit
Canadian Natural Resources reports fall in fourth-quarter profit
Mar 6, 2025
March 6 (Reuters) - Oil and gas company Canadian Natural Resources ( CNQ ) on Thursday posted a fall in fourth-quarter profit as weaker commodity prices overshadowed a rise in production. The Calgary, Alberta-based company's net income fell to C$1.14 billion ($794.76 million), or 54 Canadian cents per share, in the three months ended December 31, from C$2.63 billion, or...
Copyright 2023-2025 - www.financetom.com All Rights Reserved