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USDA attache lowers Brazil 2020/21 corn crop estimate to 105 million T

Following are selected highlights from a report issued by the U.S. Department of Agriculture’s Foreign Agricultural Service post in Brasilia:

“Post decreases its corn production forecast for MY 2020/21 (March 2021–February 2022) to 105 MMT (million metric tons), in response to reduced yields for first-crop corn, as well as the likelihood of delayed planting for large portions of second-crop ‘safrinha’ corn. Post expects Brazil’s corn area to expand by 1 MHa (million hectares), reaching an all-time high of 19.5 MHa. Despite concerns about late planting of the safrinha crop, producers will be motivated by near-record corn prices to expand corn acreage, even as they are taking a risk on yields by pushing the growing cycle deeper into the dry season. Post maintains its forecast for MY 2020/21 (April 2021–March 2022) milled rice production at 7.4 MMT, consistent with the expansion of area over MY 2019/2020 paired with a return to trend yield. Post estimates wheat production at 6.25 MMT and sees an opportunity for expanding U.S. wheat exports to Brazil given near-record domestic prices and an expectation of large Brazilian exports in MY 2020/21 (October 2020–September 2021).”
Source: Reuters (Reporting by Julie Ingwersen in Chicago; Editing by Christian Schmollinger)

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