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 >
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved