The U.S. ag attache in Brazil has raised its estimate of Brazil's 2011-12 corn crop to 64.5 million metric tons (MMT) due to favorable weather and an increase in safrinha (second-crop) corn acreage. USDA currently pegs the crop at 62.0 MMT.
"Driven by high prices, producers have augmented further the already record area for second-crop corn. Overall in comparison with the 2010-11 second-crop corn, analysts have estimated a 122% growth in area planted to second-crop corn in Mato Grosso and a 38% growth in area planted to second-crop corn in Paraná," says the attache, which adds weather will be key moving forward.
The attache left its corn export forecast unchanged for this marketing year at 10.5 MMT, which is equal to USDA. But in 2012-13, it sees the potential for a 68.0 MMT corn and a recovery in exports to 12.5 MMT.