StoneX raised its Brazilian soybean crop estimate by 454,000 MT to 154.7 MMT. The firm says yields in other areas of Brazil are expected to more than compensate for any losses caused by drought in Rio Grande do Sul. StoneX raised its Brazilian corn crop forecast by 7.1 MMT to 130.6 MMT. Its safrinha corn crop outlook was increased despite planting delays. Both of its crop estimates would be record-large.
For 2022-23, StoneX forecasts Brazilian exports at 96 MMT for soybeans (unchanged from its prior outlook) and 47 MMT for corn (up 1 MMT).
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