AgRural lowered its forecast for the second corn crop in Brazil by 5 million tons to 60 million tons, which is 17 million tons less than the initial estimate for the season.
According to the forecast of Safras & Mercado, the corn production in Brazil will reach 95.24 million tons in 2021 compared to 106.83 million tons in 2020.
Over the previous week, CBOT SRW wheat futures prices have fallen sharply and soybean futures prices have risen. In Paris, wheat, corn and rapeseed futures prices fell.
In their May forecast, IGC analysts lowered their forecast for the world's ending wheat stocks in 2021/22 to 287.9 million tons from 298.1 million tons in the estimate from the previous month and 284.4 million tons a year earlier.
According to a forecast of the Australian company IKON Commodities, the wheat production in Australia will reach 29.5 million tons in 2021/22 compared to 34.8 million tons in 2020/21.
According to Refinitiv's forecast, wheat areas in Russia will be 28.26 million hectares in 2021 (29.4 million hectares in 2020). With an average yield, the wheat production will reach 78.6 million tons.
