Corn: StoneX reduces Brazil's summer 2023/24 harvest forecast by 2.4%, to 25.81 million tons

By Audryn Karolyne São Paulo, 01/02/2024 - StoneX consultancy today reduced its estimate for Brazil's 2023/24 summer corn harvest to 25.81 million tons, 2.4% less than the previous forecast, from December . According to the report, the main reason for the cut was the downward revision in productivity estimates in Maranhão, Piauí, Tocantins and Pará. "Much of the North/Northeast region recorded very irregular rainfall and, although some regions have shown improvement in conditions, a relevant portion of crops faced unfavorable weather conditions", explained analysts Ana Luiza Lodi and João Pedro Lopes in the statement. StoneX also reduced the area forecast for the summer corn harvest, from 3.676 million hectares to 3.646 million hectares. Productivity expectations were also reduced, from 7.2 tons per hectare forecast in December to 7.08 tons per hectare. StoneX also reduced its estimate for the country's 2023/24 winter corn production, by 0.8% month-on-month, to 96.56 million tons. ...