Cash Strategist 8/16/2023
The Brazilian soybean harvest wrapped up for the year, and we are now seeing the trade focus on the safrinha corn harvest. This is Brazil’s second corn crop and provides nearly all of the country’s exportable corn.
Initially, it was thought this crop would be limited by the later start to Brazil’s soybean harvest. This wasn't the case, and crop estimates continue to creep higher. Many analysts now believe Brazil’s safrinha crop will be a record 107 million metric tons and total corn production in the country will come in between 130 million and 132 million metric tons. This will provide even more exportable corn and further strain U.S. exports.
Brazilian pressure on the U.S. export market is unlikely to subside anytime soon. Sources in Brazil believe the 2023-24 corn crop will be just as large as this year's....
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