March 7, 2008

Brazil forecasts higher corn harvest from previous estimates

Brazil's crop forecasting agency, Conab, said that the country will reap record corn harvest at 55.3 million tonnes, up 4 percent from an earlier estimate of 53.6 million tonnes on favourable rains.

Agriculture minister, Reinhold Stephanes, said that the rains came at the right time. He added that Conab would not raise its forecast again this year. 

In 2007, corn growers increased acreage to 14.5 million hectares from 14.1 million hectares.

Brazil ranks as the world's third largest corn grower.