Agricultural market analyst INTL FCStone yesterday raised its forecast for the Brazilian 2019/20 soybean harvest by 200,000 tonnes to a record 124.2 million tonnes, even though the weather in the southern states is wet and leads to loss of earnings.
Experts also expect relatively good corn prices to encourage farmers in South America to grow more corn. In the state of Mato Grosso, the country's most important maize-growing area, the sowing of the so-called "second maize" is now beginning. INTL FCStone now estimates the two harvests (first and second maize) at a record 101.1 million tons. The second harvest accounts for 74.28 million tons. 33 million tons of this come from Mato Grosso (previous year: 30.8).
Source
HANSA Terminhandel
