StoneX: Brazil's corn production for 2024/25 is expected to reach 128.5 million tons

On November 4th, foreign media reported that broker Stone Aix Group released a November report, predicting that Brazil's total corn production in 2024/25 will reach 128.5 million tons. Even though domestic consumption and exports are expected to increase, ending inventory will still reach 19.5 million tons.

Based on the current export pace, Brazil's corn export volume is expected to reach 37.5 million tons in 2024/25.

StoneX expects Brazil's second season corn production to be 101.5 million tons this month, a year-on-year increase of 8.4%, as planting area is expected to increase by 0.8% and yield is also expected to recover. Last year, some states faced drought conditions.

The report states that due to the planting of second season corn after soybean harvest, significant changes may still occur, especially influenced by climate.

The greater risk faced by the second season crops is that they need to complete their growth before the dry season arrives in May/June next year.

The estimated corn production for the first season is 24.9 million tons, which is basically the same as the last forecast. Some states made adjustments that ultimately offset each other. In the state of Rio Grande do Sul, the planting area of second season corn has been reduced, while the expected yield has been raised. Considering these changes, the estimated second season corn production in Rio Grande do Sul has been reduced by 1.5% compared to last month. In Santa Catarina state, the area and expected yield have been slightly increased, boosting corn production.