Brazil's Corn Harvest Lags Behind Averages Amid Supply Tightness

Brazil's second-crop corn harvest is lagging behind historical averages, according to data from the National Supply Company (CONAB). As of August 7, only 78.2% of the crop had been harvested, compared to 69.1% the previous week and 83.7% during the same period last year. The five-year average for this time of year is 81.4%, so the current harvest rate is even lower than that.

The slower pace of harvesting is expected to delay the arrival of corn in the market, which could lead to short-term supply tightness and support spot corn prices. As a result, futures prices are also rising, with the benchmark September 2026 contract on the Dalian Commodity Exchange closing at 2,267 RMB/tonne on August 11, up 10 RMB/tonne from the previous day.