Brazil corn stocks are at a 25-year low

Brazil's corn stocks have reached their lowest levels in 25 years, according to the national statistics agency Conab. In contrast, the U.S. Department of Agriculture (USDA) does not expect a similar situation until early next year. This discrepancy highlights ongoing differences in estimates between the two agencies. The USDA maintained its 2024-25 Brazilian corn crop estimate at 126 million metric tons, while Conab slightly increased its estimate to 122.76 million tons. The gap between their estimates has narrowed, but USDA's figures have consistently been higher than Conab's in recent years. Conab reports current corn stocks at 2 million tons, the lowest on record, while USDA estimates stocks at 7.5 million tons. Both agencies predict below-average supplies for the upcoming year, raising concerns about Brazil's corn production and export potential.