Golden grains: Brazil’s corn trumps its gold in the profit race

In Brazil, corn production is proving more profitable than gold extraction. Official data indicates that cornfields brought in almost five times the wealth compared to the country’s gold mines.

The latest report from Brazil’s Federal Mining Yearbook showed that gold mines in Brazil raked in R$27 (US$5.4) billion in 2021.

In contrast, based on the Ministry of Agriculture’s evaluation, the country’s corn production for the same year was valued at a staggering R$125 (US$25) billion.

Moreover, cornfields are prevalent in all Brazilian states, while active gold mines are only found in ten: Minas Gerais, Bahia, Mato Grosso, Maranhão, Pará, Goiás, Amapá, Paraná, Tocantins, Rondônia, and Amazonas.

Among these, Minas Gerais is noteworthy, with its gold revenues slightly under R$10 billion in 2021.

In the same timeframe, corn harvests from this state were valued slightly above R$10 billion.

However, the state’s predominant agricultural asset remains coffee, generating R$22 billion that year.

Mato Grosso stands out as the primary corn-producing state, with its cornfields generating R$39 billion in 2021 – a significant 46% increase compared to the gold sector.

Looking at 2023, the government hasn’t finalized data concerning mining revenues. However, trade figures provide insights into the comparison between gold and corn.

Brazil earned US$2 billion from gold exports from January to July, per the Ministry of Industry’s data.

Corn exports brought in about US$4 billion, with the harvest season still underway. Notably, Brazilian farmers currently dominate the international corn supply market.

With information from Revista Oeste

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