Forecast corn production in Brazil is again significantly reduced
Dry weather in Brazil in March and April, has worsened the condition of crops of corn second crop, and promised soon a sharp decrease in air temperature will adversely affect the state of the corn crops of later sowing dates.
Experts INTL FCStone lowered its estimates of corn production in Brazil in the current marketing year to 78.4 million tonnes, in particular maize safrinha to 55.3 million tonnes, 5 million tonnes below the previous forecast and 17.8% lower than in the last season.
Experts Safras &Mercado lowered the forecast corn crop safrinha to 48.7 million tonnes, and AgRural experts by 16% to 53.3 million tons.
the yield of corn in Brazil just started, so more accurate estimates of yield are at the end of June. According to Department of SKH Brazil, 35% of corn crops are in good condition, 45% fair and 20% bad.
weak demand and intense trade relations between the United States and importing countries of corn continue to pressure corn prices on the world markets.
Yesterday in Chicago July corn futures fell 1.5 $/t to 149,6 $/t, and on Euronext remained at 168 €/t, however, due to the strengthening of the Euro in dollar terms increased to 198,7 $/t