The Russian ban on food and ag products from Western nations including the United States is likely to mean more business for Brazil, says Reuters. It says Brazil’s secretary of agricultural policy, Seneri Paludo, said around 90 new meat plants in Brazil were immediately approved to export beef, chicken, and pork to Russia and that Brazil already was working to increase its exports of corn and soybeans to Russian buyers.
“As the world’s top exporter of beef, chicken and soybeans, and one of the only countries in the world with land available to ramp up agricultural production, Brazil is a clear winner from the embargo. But smaller countries like Argentina and Chile could benefit, too,” said Reuters.
Brazil usually is the world’s largest soybean exporter and a close second to the United States as a soybean producer. It ranks third behind the United States and China in corn production. AgroSouth News said the Brazilian government “released nearly US$ 218 million on subsidies to corn growers because of the current prices of the cereal.”
Crop agency CONAB lowered its estimates of Brazil’s 2013/14 soybean crop to 85.7 million tonnes and pegged the 2013/14 corn crop at 78.6 million tonnes, up slightly, said Dow Jones. In early July, USDA estimated Brazil’s soybean crop at 87.5 million tonnes and the corn crop at 78 million tonnes.