Brazil’s record corn production forecasted to reach 133.75 mt

With a positive adjustment to Brazil’s second corn crop forecast, the country’s total production for the 2022/23 season is estimated to reach a record-breaking 133.75 million tons. This represents an increase of over 2 million tons compared to the previous month’s forecast, as reported by StoneX consulting.

The improved outlook for yield in Mato Grosso, with an estimated production of 50 million tons, contributed to the overall national production surpassing previous expectations, according to StoneX market intelligence analyst João Pedro Lopes.

The forecast for the second crop now stands at 102.9 million tons, marking an 8.5% increase compared to the previous cycle and surpassing the previous estimate of 100.8 million tons.

See below Brazil’s maize export volume between Jan 2019 and Mar 2023. The data is from DataLiner.

Brazilian maize exports | Jan 2019 – Mar 2023 | WTMT

Source: DataLiner (click here to request a demo)

StoneX maintains its expectation of domestic consumption at 81 million tons, alongside record export volumes of 48 million tons.

“The increased corn supply in Brazil has led to higher expected ending stocks, reaching 16.23 million tons, and an increase in the stock-to-use ratio to 12.6%,” emphasized the analyst.

Source: MoneyTimes

To read the original news report, see: https://www.moneytimes.com.br/stonex-eleva-estimativa-de-2a-safra-de-milho-do-brasil-mantem-projecao-de-exportacao/

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