The corn crop in Brazil’s Rio Grande do Sul, the country’s number three grain producing state, will likely be reduced by 20% from initial estimates due to a severe drought, broker and consultancy INTL FCStone said on Monday.
According to a report at Reuters, the broker cut its estimate for the state’s corn production to 4.8 million tonnes from 6 million tonnes projected previously.
With the damage in the South, Brazil’s corn production in the first crop (summer crop) will fall 3.4% from initial projections to 25.75 million tonnes, FCStone said.
