SAO PAULO: The Brazilian unit of US grain trader Cargill expects to handle higher volumes of grains and other products in the South American country this year compared with last year, Paulo Sousa, president of Cargill, says.
The optimism expressed in an interview by Sousa reflects a record soybean harvest this year and beneficial weather for Brazil’s second corn crop, which accounts for about 75% of national corn output in a given year.
Sousa said he expects the total volume originated, processed and sold this year in Brazil to equal or exceed the 51 million tonnes recorded in 2023.
This compares with 45 million tonnes last year, when Brazil produced a smaller soybean crop due to drought in key growing regions.
Brazil is the world’s largest producer and exporter of the oilseed.
Last year, Cargill had a net loss of 1.7 billion reais or about US$298.83mil in Brazil, mainly due to exchange rate effects, according to company disclosures.
In 2023, Cargill had a record profit of 2.5 billion reais in Brazil. — Reuters
