STONEX; BRAZIL CORN HARVEST ESTIMATE TO 121.75 MILLION TONS

The consultancy StoneX has cut Brazil’s total cereal production estimate for 2023/24 to 121.75 million tons, a 3.1% reduction from the May projection. The second corn harvest, which dominates Brazil’s corn production, is now estimated at 93.5 million tons, down from 97.3 million. This reduction is due to persistent dry weather in key regions like Mato Grosso do Sul, Goiás, Paraná, and São Paulo, decreasing productivity to below 5 tons per hectare in some areas. The first corn harvest remains unchanged at 26 million tons, an 8.9% decrease from last year. Total corn production is projected to be 17.5 million tons less than last season, leading to a lowered export projection of 40 million tons from 45 million.
Source: Nova Cana