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Weather favors prospects for second corn crop in Brazil, exports ruled out: Safra

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By Roberto Samora

SAO PAULO, March 24 (Reuters) – Favorable weather is boosting prospects for Brazil’s second corn crop, consultancy Safras & Mercado said on Thursday, a boon for farmers and traders that may hurt rising prices in Un context of war in Ukraine.

Ukraine’s corn plantings may fall by nearly 39% in 2022, as Russia continues to attack the country.

Brazil could increase corn exports to 34.5 million clays in 2021/2022, up nearly 66% from the previous season, Safras predicted.

Paulo Molinari, an analyst at the consultancy, said Safras could change the estimate for Brazil’s second-class corn production as soon as next week. “Don’t be surprised if we revise it to over 83 million tons,” he said.

Safras has activated the production of second-class corn in the center-south of Brazil by 83.3 million tons, which represents an increase of 44% compared to the previous cycle, in which the harvest suffered from droughts and frosts.

Safras said some farmers in Mato Grosso, Goias, Sao Paulo and Minas Gerais may have planted more second-rate corn than anticipated, encouraged by higher prices, boosting production.

Safras has estimated Brazil’s total corn production this season at 115.7 million tonnes, and an unprecedented volume.

(Reporting by Roberto Samora. Edited in Spanish by Javier Leira)

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