Brazil sees record soy crop, raises wheat outlook
The second corn crop could shrink significantly as farmers have little incentive to plant corn due to a national surplus and low prices. Some farmers are instead contemplating a second soybean crop.
For the second straight year, Brazil's soy exports, estimated at 45.9 million tonnes, will likely surpass domestic consumption of 40.5 million tonnes, helping to replenish global stocks. Corn exports will likely fall to 18 million tonnes in 2013/14 from 22.5 million tonnes a year ago, Conab said.
The market relied on Brazil's record corn crop last season, briefly making it the top global exporter of both soybeans and corn, but the United States is expected to export more corn in 2013/14.
Conab's forecast for the 2013/14 cotton lint crop was left unchanged at 1.6 million tonnes, up from 1.3 million tonnes a year earlier, as farmers favor planting the textile amid low corn prices.