Brazil’s equivalent of the USDA has lowered its corn outlook, but still expects production to be well above a year ago.
CONAB pegs the second crop at a record 87.407 million tons, down 1.041 million from the July update, but still up 26.665 million tons from the heavily drought impacted 2021 crop. Brazil’s second corn crop is the largest of the three and the source of most of their exports and the current harvest is about 80% complete.
