Brazil Set for Record Corn Harvest Due to Bigger Second Crop

(Reuters) – Brazil’s corn output this season will be the highest on record after farmers collect their second harvest in the coming weeks, commodities consultancy AgRural forecast on Wednesday.

The country’s total corn production will likely reach a record 99.2 million tonnes in the 2018/19 season, AgRural said, a steep rise from the prior season, when production fell to 80.7 million tonnes because of a drought.

Brazil’s second annual corn crop, planted after soybeans are harvested, is expected to rise to 69.5 million tonnes in the country’s center-south farm belt, up from the 63.8 million tonnes forecast in April, according to AgRural.

The biggest Brazilian corn harvest to date was 97.8 million tonnes in the 2016/17 season.

“Climatic conditions close to the ideal throughout April, coupled with soil moisture after March rains and early planting, have led AgRural to increase its estimate of second corn production,” the consultancy said in a statement.

AgRural also raised Brazil’s 2018/19 soybean crop forecast to 115.3 million tonnes, up from 114.6 million in the April forecast.

“Despite the upward adjustment, production is still below the initial potential of 121.4 million tonnes due to the losses caused by hot and dry weather in December and January, which hampered the filling of beans in areas where soybeans where sowed earlier,” the statement said.