Brazil had anticipated a bumper corn crop this year after drought ravaged the country’s soybeans just months ago and its corn a year ago, but dry weather again threatens to curb the potential of its second crop.
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.
Brazil will harvest 87.28 million tons of corn in the 2017-18 season, federal government crop agency Conab said in a monthly report, down from 88 million tons in its February report. The 2016-17 harvest was 97.84 million tons.