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.