Brazil should start 2026 with the largest corn stockpile in the last six years

Although Brazilian corn production for the 2025/2026 crop is expected to decline by 1.6% according to the latest forecast from the National Supply Company (Conab) and even if imports of the grain have "zero" growth, the supply for the next year will increase by nearly 7%. Simply because the initial stock of the grain will be almost 650% higher than that recorded a year earlier, at the beginning of 2025. According to Conab, Brazil started the year with one of the smallest corn carryover stocks in history, less than 2 million tons, three-quarters less than in 2024 or, even, just over one-tenth of the initial stock of 2021 (15.312 million tons). This distortion was corrected by the super-harvest recorded this year with 141 million tons, 22% more than in 2024 and a new production record. With this, even increasing consumption and exports (estimated increase of 8% and 4%, respectively), 2025 is ending with a carryover stock 649% higher than at the beginning of the year, reaching what ...