A big Brazilian crop is putting pressure on U.S. and global markets
A second round corn crop out of Brazil has analysts speculating about the impact on U.S. and world corn markets.
USDA Chief Economist Seth Meyer says the South American country is expected to pump out a substantial 5 billion bushels this year while the U.S. is projected at 15 billion bushels.
Global prices are already feeling pressure and Brazil will not be able to release that crop without further affecting prices down the road. USDA has already cut this year’s corn export forecast, and Meyer says export earnings could be down as much as 25 percent from last year.