Brazil’s agricultural ascendancy: dominates seven exports and is set to eclipse the U.S. in corn

Brazil is the global front-runner in exporting seven agricultural products: soybeans, beef, sugar, chicken meat, coffee, cellulose, and orange juice.

In 2022, these exports generated revenue of US$98 billion for Brazil’s farmers, as the country’s Ministry of Agriculture and Livestock reported.

This sum equates to over R$460 billion.

Furthermore, this year, Brazil is poised to surpass the United States in corn exports, as projected by the USDA.

Brazil is also set to become the world leader in soybean meal export because Argentina, previously the key player, has been cutting back on its production, primarily due to severe drought.

The last time Brazil was the top exporter of soybean meal during the 1997/98 season, as per the Advanced Studies Center in Applied Economics at the University of São Paulo (Cepea/USP).

Brazil is on track to lead global exports for corn owing to a bountiful previous harvest, which has resulted in an even larger surplus entering 2023.

Concurrently, the U.S. is witnessing a decline in its corn crop, attributed to adverse weather conditions and escalating production costs.

An increased domestic demand further impacts the potential for U.S. exports.

If Brazil overtakes the U.S. in corn exports, it’ll mark a historical shift, making Brazilian producers the world’s leading corn exporters.

For the 2022/2023 season, Brazil’s grain production is anticipated to hit 317.6 million tons, marking an increase of 16.5% from the previous year.

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