StoneX, a prominent consultancy, has recently made adjustments to its crop forecasts for Brazil’s safrinha corn and soybeans. The company reduced its safrinha corn crop forecast by 3.9% to 93.5 million metric tons (MMT) due to dry weather conditions in several key regions including Mato Grosso do Sul, Goias, Parana, and Sao Paulo. This revision has led to a decrease in the expected yield for the second corn crop to 5.42 tons per hectare, down from 5.67 tons in the previous month. StoneX now anticipates total corn production to reach 121.75 MMT, a reduction from the earlier estimate of 125.6 MMT.
In addition to the corn forecast adjustments, StoneX also revised down Brazil’s 2023-24 soybean crop by 1.2% to 149 MMT. This reduction is primarily attributed to losses incurred after floods in Rio Grande do Sul state, despite the crop being almost entirely harvested.
These modifications in crop forecasts by StoneX are expected to have implications on the agricultural market in Brazil and beyond. Farmers and stakeholders will need to closely monitor these developments and adapt their strategies accordingly to navigate the changing landscape of crop production in the region.
