AgRural Bumps Up Forecasts for Brazil’s 2024/25 Corn and Soybean Crops

By Gabriel Araujo

SAO PAULO, June 2 (Reuters) – Agribusiness consultancy AgRural raised its forecasts for Brazil’s 2024/25 corn and soybean crops on Monday, citing improved agricultural yields in several states.

The country’s total corn production is set to hit 128.5 million metric tons this season, AgRural said, up from a previously estimated 124.8 million tons.

Farmers in Brazil’s center-south region had harvested 1.3% of their second-corn areas by last Thursday, the consultancy said, up only 0.4 percentage points from the previous week owing to weather disruption to work in the fields.

“It could have advanced at a stronger pace but ended up limited by rain and lower temperatures,” AgRural said, noting that some areas in Mato Grosso do Sul and Parana states experienced frosts, though damage appeared to be isolated.

The increased crop forecast was driven by higher second-crop yields in most areas, it noted, highlighting top grain-producing state Mato Grosso.

Brazil’s second corn crop is planted after soybeans are harvested in the same areas and represents about 75% of national production each year.

AgRural also raised its forecast for Brazil’s harvested soybean crop by 1.3 million tons to 169 million tons, citing some “fine-tuning” of yields in several states.

(Reporting by Gabriel Araujo; Editing by Louise Heavens and David Goodman)