Brazil’s 2021/22 corn crop was estimated at 116.8 million tons, up about 0.3% from last month’s forecast, StoneX said. According to the entity, the 2021/22 crop “walks towards an effective production”. About 26.4 million tons represent the first harvest (an increase of 0.5% compared to May). There was a slight increase in the forecast of the second harvest of 0.2% compared to May, from 88.1 to 88.3 million tons. “Even with the expected reductions in productivity in São Paulo, Minas Gerais, and Mato Grosso, due to the impact of drought in recent months, the positive outlooks, such as the forecast for the size of the planting area in the states of Mato Grosso do Sul, Paraná, and Goiás, offset productivity losses” said João Pedro Lopes, analyst at StoneX. Exports and domestic consumption are estimated at 40 million and 75.5 million tons respectively.
Sources: Reuters/Nova Cana (*Translated by Ia Niani)