Brazil’s 2023/24 second corn crop forecast cut due to dry weather

Dry weather means Brazilian farmers’ second corn crop is expected to be 571,000 metric tons less than previously forecast, an updated StoneX forecast released on Monday showed.

It reduced its estimate to 92.9 million tons from the 93.5 million tons it forecast last month for the second corn crop, which is usually exported in the second half of the year and competes directly with supplies from the United States on global markets.

StoneX also cut Brazil’s total corn crop projection for the 2023/24 cycle to 121.18 million tons from 121.75 million tons.

Brazil’s second corn crop, which is being harvested, will represent almost 77% of total corn production this season, based on StoneX projections.

“The drier than normal climate in much of the producing regions continued to negatively affect crops, with reductions in productivity in Goias, Minas Gerais, São Paulo and Tocantins,” StoneX said.

Yields in Mato Grosso do Sul, however, showed a positive adjustment, helping to shore up output there, StoneX said.

Tags: crop forecast, corn, Brazil