CONAB released its 12th production forecast on Thursday, raising its forecast for Brazil's corn production and significantly increasing its stockpile. This month, CONAB projected corn production in 2024/25 to reach 139.67 million tons, up from 137 million tons forecast last month and a 20.9% year-on-year increase.

This month, the forecast for Brazil's corn planted area was slightly raised to 21.857 million hectares, higher than the previous forecast and a 3.8% year-on-year increase. The yield forecast rose to 6.391 tons per hectare, up from the previous forecast of 6.32 tons per hectare and a 16.5% year-on-year increase.

This month, the second-quarter corn production forecast is 112.03 million tons, a 2.3% increase from the 109.56 million tons forecast last month and a 24.4% year-on-year increase.

The forecast for first-quarter corn production remains unchanged at 24.936 million tons, an 8.6% year-on-year increase. Export Forecast Remains Unchanged, Stocks Raised Significantly

This month, the forecast for Brazil's corn exports for the 2024/25 marketing year remains unchanged at 40 million tons.

Ending stocks are significantly increased to 12.81 million tons, higher than the previous forecast of 10.256 million tons.

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