October 2, 2014
Brazilian corn and soybean exports will likely exceed official estimates with soybean exports reaching a record 49 million tons and corn exports hitting 22 million tons for the October through September, 2014/15 marketing year. Low corn prices have slowed selling by farmers to below the pace of recent years with corn exports for the 2013/14 marketing year falling short of expectations at 17.5 million tons and farmers in Mato Grosso using silage bags as on-farm storage until prices rebound. Record soybean exports are expected to be driven by demand from China, a weaker Brazilian currency, and improved Brazilian infrastructure such as the northern port of Santana where an expansion project will establish three new grain silos by the end of the year giving the port the possibility of becoming a major export gateway.
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