Consultancy StoneX cut its Brazilian safrinha corn crop forecast by 3.9% from last month to 93.5 MMT due to dry weather in Mato Grosso do Sul, Goias, Parana and Sao Paulo. StoneX now expects overall yields for the second corn crop at 5.42 tons per hectare, down from 5.67 tons in May. The firm’s forecast for total corn production is now 121.75 MMT, down from 125.6 MMT previously.
StoneX also cut Brazil’s 2023-24 soybean crop, which has been nearly totally harvested, by 1.2% to 149 MMT due mostly to losses after floods in Rio Grande do Sul state.
