August 19, 2024
 

Brazil raises 2023/24 corn export forecast despite overall production decline

Brazil's national crop agency, Conab, increased its forecast for corn exports in the 2023/24 season to 36 million metric tonnes, up by 2.5 million tonnes from the previous estimate released in July 2024, Reuters reported.

The revised forecast reflects the recent depreciation of the Brazilian real, which has stimulated an increase in sales to foreign markets. Despite the upward revision, corn exports are still expected to be 34.1% lower than the previous season.

Conab also updated its estimate for Brazil's total corn production for the 2023/24 season, projecting it at 115.65 million tonnes.

This figure represents a slight decrease from the 115.86 million tonnes forecast in July and is 12.3% lower than the previous season, primarily due to a reduction in planted area and lower yields.

-      Reuters