SAFRAS REDUCES PROJECTION FOR CORN 20/21 CROP IN BRAZIL

According to Safras & Mercado, Brazilian corn production is expected to hit a record with 112.8 million tons in the 2020/21 season, however this number represents a reduction when compared to that originally estimated. The forecast would still far exceed the 106.8 million registered in the previous season. During the current cycle, producers have faced delay in summer planting due to the dry season, and afterwards, with excessive rains affecting the soybean harvest and postponing the second crop. In contrast, the Safras & Mercado expects an increase in the planted area. Brazil is the second largest global exporter of corn undergoing high levels of prices. The area cultivated in the off-season at 14.211 million hectares is 7.1% higher than the previous season. The area is also larger when compared to the 14.124 million hectares of corn expected in January.

Source: Reuters/Noticias Agricolas (*Translated by Ia Niani)