Brazil corn production would reach a record 61 million metric tons this season, allowing for corn exports of 9 million tons, based on USDA new estimates. With worsening drought in South Brazil the corn outlook is too high.
Expectations for high corn production are based heavily on Mato Grosso, now the second biggest corn state in Brazil. Corn is grown as a second crop in this tropical farm state, planted after soybeans are harvested. Drought losses in South Brazil, owing to La Nina, may overshadow gains in Mato Grosso dragging Brazil corn production lower.
The USDA new production estimate for Brazil corn in 2011-12 is optimistic with drought in South Brazil... subscribers continue to full story...