According to data from the United States Department of Agriculture (USDA), Brazil has emerged as the world’s leading corn exporter in the harvest year that ended in August 2023, overtaking the former longstanding toppers, the United States.
With a sum of 56 million tons of corn, the South American giant represented 32% of worldwide corn exporter for the year. That said, the United States, the longstanding leader in the corn market for over a century, represented approximately 23%, bragging 41.3 million tons of corn.
The last time Brazil outperformed the US for corn exports in a given year was in 2013, when the US faced an extreme dry season that prompted an ideal but serious cut in production. Nonetheless, this time around, the pattern gives off an impression of being not an oddball yet a real change in market dynamics, as per trained professionals.
The South American country is now expanding its corn production, becoming a substantially more predominant player. In spite of the record, Brazil actually has the ability to expand its production further. There is still a ton of accessible land for cultivation, and Brazil can further develop their efficiency levels,” as per Enori Barbieri, VP of the Brazilian Association of Corn Producers.
However, some factors have helped the South American country scale its corn production and pricing.
Meanwhile, China, who are the largest purchaser of US corn, is actively seeking to broaden its sources of grain suppliers. With improving logistics in Brazil, particularly in the Northern region, export routes between the South American and Asian countries have been growing increasingly cheaper.
Moreover, the United States is allocating a larger share of its corn production towards the manufacture of biofuels and the extraction of bran and vegetable oils, thus lowering its export offering.
The achievement comes as Brazil moves toward becoming the world’s biggest breadbasket country by filling the holes left by the conflict in Ukraine and developing US-China strains in the Global food trade.
The country is already the largest exporter of soy, cattle and coffee, and looks to dominate other commodity markets.
In other areas, Brazil has also displaced Argentina as the world’s largest soybean bran exporter, further cementing its position in the animal-feed market.