Experts from Conab have updated their forecast regarding the upcoming corn harvest in Brazil for the 2024/25 season. According to their new projections, corn production is expected to reach 122 million tons, which is 5.5% higher than the previous season.
It is worth noting separately that the production of the first crop grain is expected to reach 23.6 million tons. This can be explained by a 9.9% increase in average annual yield despite a 6.6% reduction in planted areas.
As for the safrinha corn production, a harvest of 96 million tons is expected. Additionally, an expansion of planting areas by 2.4% per year is anticipated (currently 18.8% of the corn-designated areas have been planted), with an average yield increase of 6.4%.
It should be emphasized that Conab analysts have reduced the corn export forecast to 34 million tons, taking into account the continuous growth of domestic demand and, as a result, a decrease in sales volumes in the international market. Domestic demand for grain is estimated at 86.9 million tons in the 2024/25 season.
Regarding soybean production in Brazil, the forecast figure has also been adjusted from the previously expected 166.33 million tons to 166 million tons (+18.3 million tons per year).