CONAB predicts for the first time that Brazil's corn production will increase by 3.5% year-on-year in 2024/25

On Tuesday, the Brazilian National Commodity Supply Company (CONAB) released its first report on crop yield forecasts for the new season, predicting that Brazil's total corn production for 2024/25 will reach 119.74 million tons, a year-on-year increase of 3.5%.

The estimated planting area is 21 million hectares, a decrease of 0.2% year-on-year; The estimated yield per hectare is 5701 kilograms, an increase of 3.7% year-on-year.

The expected corn production for the first quarter is 22.72 million tons, a year-on-year decrease of 1.1%

The expected yield of corn in the second season is 94.63 million tons, a year-on-year increase of 4.8%.

The expected corn production for the third season is 2.39 million tons, a year-on-year decrease of 4.0%.

The estimated export volume of Brazilian corn in 2024/25 is 34 million tons, lower than the previous year's 36 million tons, and will be the lowest export volume since 2020/21.

The estimated domestic consumption is 87.03 million tons, higher than the previous year's 84.24 million tons and also a record high.