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PT_BR 
November estimates for the 2025/26 soybean crop and summer corn remain virtually unchanged. According to StoneX, a global financial services company, this is because both crops are at the beginning of their cycle.
In the case of soybeans for 2025/26, there was a slight increase of 0.1% compared to the October estimate, with production projected at 178.9 million tons. This adjustment was driven by an increase of 50,000 hectares in the area of Goiás.
The weather remains a decisive factor. Irregular rainfall has delayed planting in several regions, requiring replanting in some cases. Longer-term forecasts indicate wetter months and more regular precipitation to come, a favorable scenario for the harvest, currently estimated at a record level.
Regarding summer corn, there is no change in the November estimate compared to StoneX's October report, remaining at 25.6 million tons, a level slightly above the previous cycle. As with soybeans, the weather is closely monitored, since corn production occurs in the summer in much of the country, with Minas Gerais and Rio Grande do Sul standing out, registering the highest volumes.
Regarding supply and demand, for soybeans, attention is focused on exports, following negotiations between the United States and China regarding trade tariffs. For corn, the forecast is for stronger domestic consumption, driven by corn ethanol production.
Second-crop corn
StoneX's first estimate for the 25/26 second corn crop points to a production of 107 million tons, 4.11 TP4T below the previous cycle. Despite the expectation of a 1.31 TP4T increase in planted area, driven by the good profitability of the 24/25 crop, the productivity of the second crop remains uncertain. This year, the weather favored results, but planting after soybeans faces risks of lack of rain and possible planting delays. It is still too early for definitive answers, including regarding area, since planting will only take place next year.
