Analysts worsen outlook for Brazil’s corn crop

Safras&Mercado analysts forecast total Brazilian corn production in MY 2023/24 at 123.31 million tons, compared to 126.13 million tons expected in April, also below the 140.06 million tons harvested a season earlier. The average Brazilian cereal yield is expected at 5.9 tons/ha, down from 6 tons/ha forecast in the previous month and 6.3 tons/ha recorded in MY 2022/23.

The downward adjustment is due to losses of safrinha maize crops due to drought conditions recorded in the states of Mato Grosso do Sul, Paraná and São Paulo. Specifically, in Mato Grosso do Sul, the crop potential of the cereal was reduced by at least 2.4 million tons, in Paraná by more than 1 million tons, and in São Paulo by 500,000 tons.

The overall forecast for second-crop corn production in the country was reduced from 86.63 million tons in April to 83.64 million tons (the previous season harvested a record 99.09 million tons). Brazil’s first-crop corn is expected to be harvested at 25.59 million tons (24.82 million tons in MY 2022/23).

Tags: corn, Brazil, crop forecast