Brazil has harvested 20% of second-crop corn, and production forecasts have been raised again

As of June 1, 20% of second-crop corn crops have been threshed in Brazil. Based on yield data, analysts again raised forecasts for the second-largest grain harvest.

According to the IMEA agency, in the main producer state of Mato Grosso, 33% of the planned 7.4 million hectares of corn have been harvested, which is slightly lower than last year's pace, while this year's yield is very high.

Against the background of favorable weather, the experts of the local agency AgRural increased the forecast of the second corn crop in Brazil in 2023 from 97.9 million tons to 102.9 million tons, compared to the May estimates, and the experts of StoneX - from 102.9 to 105.2 million tons .

StoneX raised its forecast for total corn production in Brazil in 2022/23 to 136 million tons (116 million tons in the 2021/22 season), while the USDA estimated it at 132 million tons in June.

Estimates of the Brazilian official agency Conab are somewhat more pessimistic. In the June report, its experts increased the forecast of the total production of corn in the country in 2022/23 MR by 0.2 million tons to 125.7 million tons, in particular, the first harvest - up to 27.1 million tons, and the second - up to 96.3 million tons .

Second-harvest Brazilian corn will hit the world market in July-August and will increase pressure on US corn prices.

At the same time, from January to May, Brazil already exported 8.2 million tons of corn, compared to 4 million tons for the same period in 2022. According to forecasts, in 2022/23 the country will supply 55 million tons of corn to world markets and will become the world leader in grain exports.