UPDATE 2-Brazil 2020/2021 corn crop to reach record 108.2 mln tonnes -poll

(adds table) By Nayara Figueiredo SAO PAULO, Feb 23 (Reuters) - Brazil may produce a record corn crop of 108.2 million tonnes this season as farmers expand plantings amid good prices for the cereal, according to the average forecast of a Reuters poll of 11 analysts on Tuesday. The corn area will grow by around 1 million hectares to 19.44 million hectares (48 million acres), the poll showed. Even though a projected one-fourth of Brazil's second corn crop may be planted outside the ideal climate window, total output will be 5.54% above last season's record 102.5 million tonnes estimated by the government, according to an average of analysts' forecasts. The second corn crop will represent about 80% of total Brazil corn production this year. This would give a big boost to national output and makes Brazil competitive with the United States in export markets. "We estimate that there will be a significant increase in the corn acreage, potentially mitigating the effects of potential yield losses in the second corn production," said Céleres' market analyst Daniely Santos. Brazil's second corn is planted in the same area as soybeans after they are harvested, but delays affecting the soy crop this season are pushing farmers to plant part of their second corn crop outside the ideal climate window. Adriano Gomes, analyst at AgRural, said the expansion of plantings in the current cycle is due to the attractive prices farmers hope to receive, making them take on more risk. According to AgRural, second corn planting covered 24% of the area in Center-South states through Feb. 18, less than half the 51% area planted at this time last season. Forecaster Total Corn 2020/2021 Output (in mln t) Area (in mln ha) AgRural 106.4 19.1 Céleres 108.479 20.041 Conab 105.5 19.09 Cogo 106.324 19.152 Datagro 110.062 19.618 IHS Markit 108.6 19.7 Safras & Mercado 113.46 20.19 StoneX 110.22 19.45 Refinitiv 105.2 18.9 Rabobank 107 19.2 USDA 109 AVERAGE 108.2 19.44 Highest estimate 113.46 20.19 Lowest estimate 105.2 18.9 2019/20 102.52 (CONAB/GOV) Avg vs 2019/20 5.54% (Reporting by Nayara Figueiredo Writing by Ana Mano; Editing by Steve Orlofsky and Cynthia Osterman)

© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

One place for all tire irons

Tire iron holder from March 20 AATF My tire irons were getting left all over the shop, and I’d had enough of having to go look for them when it was time to start work on a... read more

Talk in Marketing