Brazil crop agency raises total corn, export forecasts

By Ana Mano

SAO PAULO, Aug 14 (Reuters) - Brazilian farmers are expected to harvest 137 million metric tons of corn in 2024/25, crop agency Conab said on Thursday after raising its estimate for second-corn production by 5 million tons to 109.6 million tons.

Conab also increased its Brazilian corn export forecast to 40 million tons from 36 million tons, given the country's abundant supplies this season.

Farmers in Brazil, one of the world's largest grain exporters, are still harvesting their second corn, which is planted in the same areas as soybeans after the oilseed is reaped from fields.

Second corn is mainly exported in the second half of the year, competing with U.S. corn.

Brazil's second-corn harvest had reached 83.7% of the cultivated area by mid-August, close to the 84.3% average for recent years, after delays caused by June rains and cold weather, Conab said.

"Corn yields have been higher than initial estimates and higher than in the previous harvest in almost all producing states," the report said. In some regions, yields are the highest ever as a result of favorable weather and the quality of inputs used by farmers, the agency noted.

Regarding Conab's new corn export forecast, the agency cited potential higher demand for South American corn amid a trade war involving the United States and large grain importers.