According to StoneX, Brazil’s total production in 2022–23 is expected to reach a record 133.75 million tons after a fresh positive adjustment to the forecast for the second corn crop. This represents an increase of more than 2 million tons over the projection from the previous month. According to StoneX’s market analyst, Joao Pedro Lopes, “Better outlooks for Mato Grosso’s output, projected at 50 million tons, allowed a production above what was previously expected on a national scale.” The second crop is now projected to yield 102.9 million tons, up from the prior forecast of 100.8 million tons and an 8.5% increase from the previous cycle.
Source: Forbes Agro (*Translated by Ia Niani)