Brazilian farmers will reap almost 323 million metric tons of grains in the 2022/23 season, Brazil's food supply agency Conab said, reflecting expected rises in the production of corn and soybeans in the season that is drawing to a close.
Brazil's total corn production is projected to be a record 131.8 million tons, driven by an abundant second corn crop, which farmers have nearly finished harvesting, according to the agency.
The soybean production forecast was kept at 154.6 million tons, also a historic high.
Conab also forecast 50 million tons of corn exports and almost 97 million tons of soy exports for Brazil in the 2022/23 cycle.
Brazil sells grains to varied markets including China, European countries and the Middle East, and is crucial for global food security.
Brazil is the world's biggest soybean producer and supplier and this year is set to surpass the United States as the biggest corn exporter, as local farmers reap a large crop and China turns to the South American nation for the staple.
Wednesday's crop report is Conab's last before the end of the current marketing year.
Later this month, Brazilian farmers in center west states including Mato Grosso, the nation's biggest farm state, will begin to plant their new soy and new corn.
Reporting by Ana Mano; editing by Jason Neely, Alexandra Hudson at www.nasdaq.com.