Analysts raise corn crop forecasts in Brazil

Consulting company AgRural raised its forecast for Brazil’s second corn harvest this year to 102.9 million tons, up 5 million tons from its May estimate.

Weather is favorable to harvest. According to AgRural, by June 29, farmers in the central region had harvested 17% of the area, an increase of 8% over the previous week. Nevertheless, harvesting rates are still lagging behind last year’s level (31%). “Harvesting in Mato Grosso has gone well, helped by drier weather,” AgRural said in its report. “Although there is still a delay in harvest compared to the previous season, the yield data is still excellent.”

Even though this year’s second crop corn was planted outside of the ideal climate window, the crop is expected to be abundant.

StoneX, another consulting firm, raised its July 3 forecast for Brazil’s second corn crop to 105.2 million tons. In June, the forecast was 102.9 million tons.

Second-harvest corn is planted in Brazil after the soybean harvest, in the same fields, and accounts for about 75% of the annual gross corn harvest.

Tags: corn, Brazil, crop forecast