The first estimate for the coming 2024/25 grains crop in Brazil indicates a total production of some 322,47 million tons, according to Conab, the country's national supply corporation. If finally confirmed this would represent another record production, with a 8,3% increase over the previous 2023/24 harvest, equivalent to 24,6 million tons.
Consultancy Agroconsult lowered its forecast for Brazil's so-called second corn crop to 55.2 million tons on Monday but left its export projection unchanged after a survey of fields in four states affected by planting delays and a drought. Agroconsult had estimated last month that the second crop, which farmers are currently harvesting, would total 57 million tons.
Prices of Brazilian crop land have soared 18% in the past year, to judge by data from one of the country's biggest agricultural groups, which revealed plans to take sowings nearly to 300,000 hectares, according to Agrimoney.com.